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142-144 Old Colony Avenue Update 07/07/20

Mixed-Use South Boston Property Secures $7.29M Construction Loan

A construction loan of $7.29M has been closed for the 142-144 Old Colony Ave. project in South Boston. The approved 6-story building will feature 19 residential units along with over 1,100 square feet of commercial space. Amenities on-site will include a common meeting and library hall plus a common roof deck. The transaction was arranged by FinanceBoston, a local real estate capital advisory firm. “The financing was completed with competitive terms from a local bank who saw my client’s vision for the property, “ said Doug Landry, Partner at FinanceBoston. “In South Boston, there is a shortage of new construction rental apartments outside of the high cost/high amenity buildings. I expect the lease-up to go very quickly for this location, and I look forward to working with this team again in the future.”

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