Needham, MA

Background

Investment Highlights

• 80%/20% joint venture between First Boston Capital Partners (FBCP) and local builder
• After a successful but lengthy permitting process for 10-unit townhome development, local builder seeking equity partner was introduced to FBCP
• FBCP committed to invest in project within days of introduction, provided 80% of equity capital and secured bank loan to finance acquisition and development
• Well-located property on one acre of land
• Mix of 2 BR and 3 BR units targeted at first-time homebuyers

Status

• First four units are 100% completed and three units have sold; remaining six units are under construction with a spring 2015 anticipated delivery
• Current market demand suggests project will be fully sold out by end of 2015