A $23 million financing package has been secured by Colliers, on behalf of RISE and btcRE, for the development of a new apartment building at 52 School Street in Everett, MA. The funding includes a $15 million construction loan and $8 million in joint venture equity. The project aims to develop 46 modern apartment units in a thriving residential neighborhood on the outskirts of Everett's Commercial Triangle Economic Development District.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $23,000,000
• Loan Type: Construction
• Address: 52 School Street
• Market: Everett, MA
• Landlord: RISE - Herby Duverne
• Brokers: Tom Welch, Adam Coppola & Patrick Boyle - Colliers

Colliers, represented by brokers Tom Welch, Adam Coppola, and Patrick Boyle, played a crucial role in securing the funding for the development of the apartment building at 52 School Street. The project will contribute to the growth of a residential neighborhood on the outskirts of Everett's Commercial Triangle Economic Development District.