Needham, MA

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Needham, MA

Background

Investment Type Ground-up construction
Collateral Joint venture equity investment
Property Type 10-unit townhome development
Investment $750,000

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

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