The 87 Condos
Boutique Condo Project in Melrose Receives $3.2M in Financing
The upcoming boutique condo project at 87 Essex Street in Melrose has closed on $3.2M in construction financing. The project, just a few blocks from Melrose Center and the commuter rail, will offer 8 luxury condo homes. FinanceBoston arranged the transaction and Brian Rooney of the firm tells BLDUP “The financing for this project was unique in that we refinanced the project mid-construction from a private lender to a traditional bank, lowering the cost of capital significantly." “I’m excited to see the finished product. Melrose is a really good market and this developer always delivers with top of the line finishes."
FinanceBoston, a real estate capital advisory firm, provides real estate operators & developers with custom capital markets solutions for acquisitions, developments and refinances. Founded in 2004, FinanceBoston has earned a loyal client base that continuously relies on the firm’s creative capital advisory solutions for both debt and equity needs.