Broadway Capital Refinances Chelsea Multifamily Portfolio For $16.75M Loan From Brookline Bank

An investor group led by Broadway Capital/Maverick Chelsea LLC, with Mike Vienneau as the representative, has secured a refinancing loan for a multifamily portfolio in Chelsea, MA. The portfolio consists of 92 residential units located at 54 Cary Street, 135 Chestnut Street, 125 Arlington Street, 130-136 Congress Street, 827-835 Broadway, 84 Washington Street, 36-40 Orange Street, and 93-95 Orange Street.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $16,750,000

Brookline Bank served as the lender for the refinancing loan. Maverick Chelsea LLC, under the management of Mike Vienneau, had acquired the portfolio in 2018 for $14,800,000. In just three years, the value of the portfolio increased to $23,500,000 through capital improvements and a full rehabilitation of an eight-unit residential building. The loan modification provided by Brookline Bank contributes to the ongoing financial strategy for this successful investment.