QUINCY, MASS. – Veteran real estate lender George Morrill of Sherborn, MA has recently joined The Grossman Companies, Inc. and is focusing on growing the real estate loan portfolio of First Boston Capital Partners (FBCP), which provides first and second mortgage financing as well as joint-venture equity to investors and developers in New England.
FBCP is the private lending affiliate of The Grossman Companies, Inc., the Quincy, Mass.-based commercial real estate investment, brokerage, development and management firm. FBCP’s private lending business has doubled origination volume in each of the last three years, having made approximately $60 million in loan commitments in that time.
Morrill’s primary responsibilities are to originate new lending opportunities and asset management of the company’s private loan portfolio. Morrill said, This is an exciting opportunity to join an established, well-capitalized company with tremendous growth ambitions. First Boston provides a platform to leverage my previous experiences and help real estate investors, developers, and home builders who need immediate funding for acquisitions or refinancing. My contacts will provide a flow of activity for new construction and rehabbing existing property for sale or lease. We can eliminate much of the bureaucracy and close transactions in as little as five days. The announcement of Morrill’s appointment was made by principal David Grossman who oversees loan origination and portfolio management for FBCP. He said, In recent years, as the economy dipped and bank credit dried up, we have filled a void in the capital markets and offer short-term bridge capital and creative alternatives to conventional bank loans, he noted.
Grossman said, The majority of our borrowers are homebuilders who need capital for renovations or ground-up construction. He added, George is an excellent addition to our team. He brings a wealth of hands-on experience, an entrepreneurial spirit, and a wide range of business, banking and real estate contacts that will be a tremendous asset as we grow the loan portfolio.
Morrill, who earned his BS degree from Cornell University and his MBA at the Babson College – Franklin W. Olin Graduate School of Business, has served as Asset Manager at Tremont Realty Capital; Director of Lending at Wellesley Capital Corporation; and Loan Acquisitions Officer at Capital Crossing Bank, among other financial industry positions. He has over 12 years of experience in the commercial real estate finance business, six of which were spent as a private lender. Grossman’s private lending business traces its roots back several generations to the early 1900′s when the family operated one of the first do-it-yourself building supplies and lumber businesses, which was sold in 1969. Providing construction loans to builders was a natural outgrowth of the building supply business, said Grossman.
Among FBCP’s loans in the past year include a $3.1 million construction loan for a mixed-use development in Mansfield, MA; a $975,000 acquisition and renovation loan for a condo conversion in South Boston, MA; and $660,000 construction loan for a speculative single-family home in Weston, MA.
First Boston Capital Partners focuses on financing projects of all product type in southern New England with loans ranging from $150,000 to $5 million. For more information: www.grossmanco.com/services; 617-472-2000 / George@grossmanco.com.