Weston, MA

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Weston, MA

Background

Loan Type Ground-up construction
Collateral First mortgage
Property Type To-be-built 6,700 SF (5 BR/5 BA) single-family spec home on one acre of land
Loan Amount $2.01 million
Underwritten LTV 66%

Investment Highlights

  • First Boston Capital Partners' (FBCP's) third loan to borrower, a seasoned residential builder negatively impacted by 2008 recession
  • FBCP provided first mortgage financing for 100% of hard and soft costs along with portion of land cost
  • Well-located, attractive lot at end of cul-de-sac in Weston, Mass.
  • FBCP underwrote value of finished home at $3.2 million

Status

  • Construction progressing on time and on budget
  • Property on market for approximately $3.5 million

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