Cushman & Wakefield Advises on $57 Million Capital One Loan for Boston Apartment Community
Damian Ghigliotty Nov. 11, 2013, 8 a.m.
Capital One has provided a $56.8 million loan to affiliates of Bethesda-based ASB Real Estate Investments for The Peninsula, a 285,205-square-foot apartment community in Dorchester Bay, Boston, Mortgage Observer can exclusively report.
The 10-year loan is “a delayed refinancing of a loan that was paid off a number of quarters ago,” Robert Bellinger, president and CEO of ASB Real Estate Investments, said in an email exchange. He declined to give details on the loan’s interest rate. Capital One did not return requests for comment.
Cushman & Wakefield served as the sole advisor to the borrower in the arrangement of the financing, which closed in the end of October. Steve Kohn, Dave Karson, Alexander Hernandez, Jay Wagner, Sridhar Vankayala and Stuart Kim of C&W’s Equity, Debt and Structured Finance group represented the borrower in the transaction. “The property has strong in-place cash-flow, top-tier sponsorship and an excellent location, which led to a highly competitive process,” Mr. Kohn, president of the group, said.
The Peninsula, located at 401 Mt. Vernon Street, houses two buildings that include 336 apartment units with waterside and city views as well as communal parking, a 1,500 square foot fitness center, an outdoor heated swimming pool and grilling area, and dry cleaning services, among other amenities. The property is located near the John F. Kennedy Library at the University of Massachusetts Boston in walking distance to the JFK/UMass Red Line T stop.
“The Peninsula’s luxury amenities and city views coupled with proximity to mass transit provide the attributes which can garner long-term value and sustain demand from renters eager for convenience and an attractive location,” Mr. Bellinger said.