Hancock Wentworth LLC Secures $12M Construction Loan From Ion Bank In Quincy

Hancock Wentworth LLC secured a $12 million construction loan from Ion Bank for a multifamily project at 731 Hancock Street in Quincy. The development will feature 53 units with 71 parking spaces and is part of a larger plan including a 27-unit building at 13 Wentworth Road, approved simultaneously.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,000,000
• Address: 731 Hancock Street & 13 Wentworth Road
• Market: Quincy, MA
• Lender: Ion Bank
• Landlord: Hancock Wentworth LLC

The loan was facilitated between Hancock Wentworth LLC and Ion Bank, marking a significant step in the project's development. This financing arrangement highlights the collaboration between the borrower and the financial institution for the construction of the multifamily property in Quincy. The approval of the construction loan underscores the commitment of both parties to the successful realization of the development project.