Mansfield, MA

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Mansfield, MA

Background

Loan Type Ground-up construction
Collateral First mortgage
Property Type 24 to-be-built apartments plus 4,200 SF of ground floor retail
Loan Amount $3.1 million
Underwritten LTV 67%

Investment Highlights

  • Borrower was seasoned residential builder geographically focused in Mansfield, Mass., area
  • Borrower purchased land for $850,000 with cash, seller financing and affordable subsidy
  • First Boston Capital Partners (FBCP) provided first mortgage financing for 100% of hard and soft costs to construct apartment building with retail space
  • Property located across street from commuter rail station
  • Appraised value of finished building was $4.6 million ($205/SF)

Status

  • Borrower completed project on time and on budget, and rented all 24 apartments within 90 days of completion
  • FBCP's loan was paid off with loan proceeds from conventional lender

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