161 Cottage Street Update 10/28/20

East Boston Multifamily Acquired for $2.3M, Financed for $3.83M

The multifamily property at 161 Cottage Street in East Boston has been acquired for $2.3M and financed for $3.83M. The existing approximately 6,500 square foot building will undergo a full gut renovation plus the addition of an additional floor to create 9 modern condo homes. The property is located in East Boston’s Jefferies Point neighborhood, an area that has attracted numerous redevelopments as developers seek to capitalize on the influx of young professionals moving to the area, due its proximity to the Financial District, dynamic restaurant scene, and Boston Harbor views.

Financing for the project was arranged by FinanceBoston, a  real estate capital advisory firm.  “This project was arranged with a local bank to provide our long-term client with an attractive capital structure,” said Doug Landry, Partner at FinanceBoston. “We are very excited to see the transformation of the existing building into newly built, revitalized product that adds some much-needed new housing to the neighborhood”.

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