Saxon Partners Lands $80M Financing for Multifamily Development
Saxon Partners has landed $79.7 million in joint venture equity and construction financing for the development of The Marek at Lebanon, a 250-unit, Class A multifamily community in New Hampshire, Commercial Observer can first report.
Colliers (CIGI) Capital Markets sourced the joint venture equity investment from Tritower Financial Group, and the fixed-rate construction loan from a lending syndicate led by Brookline Bank in partnership with Bar Harbor Bank & Trust and Cambridge Trust. The Colliers team was led byJeff Black, Kevin Phelan, Sean Burke and Bryan Koop.
“We’re pleased to have secured this financing for Saxon Partners, which is known for developing best-in-class projects,” Black, executive vice president and debt & equity Lead on the U.S. capital markets board of advisors, said in prepared remarks. “There’s a large opportunity in high-quality housing that supports health care facilities’ employees and staff, and The Marek program is a leader in that category.”
Located at 343 Mount Support Road, the Marek at Lebanon is a 250-unit project with one-bed junior (also known as an alcove studio) and one-bedroom units designed to serve the needs of hospital-affiliated populations, according to a release. Amenities in the community include an outdoor terrace, a sky deck, a fitness center, resident lounge areas, co-working spaces and a dog park.
“We are very excited to work again with the Saxon team, particularly on this first project in their new development program,” Marcelo Dutra, vice president of commercial real estate banking for Brookline Bank, said. “Our tailored financing package met the unique needs of Saxon, and our swift and steady execution could not have been done without the support of our friends, Pete Brockelman at Bar Harbor Bank & Trust and Adam Johnston at Cambridge Trust.”
“The Marek at Lebanon is the first project in The Marek’s broader pipeline and is projected to commence occupancy in Fall 2023,” according to a release. “The program will roll out to additional sites, including Colorado Springs, Colo., with construction starting in early 2023.”
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
