2002 Transactions
Tremont Arranges $12,000,000
Financing for The Residences at Chestnut Hill
Tremont
Realty Capital arranged a $12,000,000 construction loan
for Phase II of The Residences at Chestnut Hill, a luxury
22-unit condominium development located in desirable Chestnut
Hill, Massachusetts. The property is situated one block
from the Atrium Mall and abuts Seltzer's Garden City florist
/ nursery. The classic Jenny filling station on the hill
at the Route 9 side of the site is being renovated and will
be incorporated as part of the amenities. Phase I of The
Residences at Chestnut Hill was completed earlier this year
and nearly is 100% sold-out. It consists of 19 garden-style
condominiums and 17 townhomes. Construction on Phase II
of The Residences at Chestnut Hill has just begun. This
Phase will consist of 22 garden-style units ranging in size
from 1,227 square feet to 3,100 square feet. The luxury
condominiums are priced individually in the $500,000 to
$1,500,000 range.
David Ross, a Managing Director with Tremont's
Boston office, arranged the $12,000,000 loan that was funded
through a regional lending relationship. The 2-year construction
loan provided for roughly 82% of the Phase II project costs
at a very competitive interest rate. According to David
Ross, "Phase I of the project was a huge success and
we fully expect Phase II to sell out quickly. The developer,
CFK of Newton Development Co., LLC, has done an outstanding
job of creating a beautiful residential enclave within walking
distance of the Chestnut Hill and Atrium malls, cinemas,
cafés and other fine dining."
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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