FinanceBoston Secures $9.3M Construction Loan For Development Site In Somerville, MA

A 10-unit townhome development in Somerville, MA has secured a loan for its acquisition and construction. The property, located at 325 Alewife Brook Parkway, is a development site in a thriving market. The loan, arranged by Jake Cremmen and Brian Rooney of FinanceBoston, totals $9,300,000 and is specifically designated for construction purposes.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $9,300,000
• Address: 325 Alewife Brook Parkway, Somerville, MA
• Market: Somerville, MA
• Brokers: Jake Cremmen and Brian Rooney of FinanceBoston
• Loan Type: Construction

Jake Cremmen and Brian Rooney played key roles in securing the necessary financing for this development project. Through their efforts, $6,600,000 in debt financing and $2,700,000 in equity funding were sourced for the acquisition and construction process. This collaborative effort ensures that the 10-unit townhome development in Somerville has the necessary financial resources to progress successfully.