19 Main Street

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19 Main Street

Background

Loan Type Renovation Loan
Collateral First Mortgage
Property Type Two-Unit Condominium Conversion
Loan Amount $910,000
Underwritten Ltv 67%

Investment Highlights

  • Located at the entrance of a dominant regional power center in Braintree, MA, whose anchors include Best Buy, K-Mart, Petsmart, Bed Bath & Beyond, Staples, Babies R Us
  • Acquisition sourced on an opportunistic basis due to the bankruptcy of the former tenant, Borders Books
  • Relatively low acquisition cost basis of $175 per square foot, in a market with net rents of $22.00 to $30.00 per square foot
  • Strong market knowledge based on the Property’s location in the submarket

Status

  • Paid off as agreed; borrower sold units for total of $1.45 million
  • FBCP has now financed over a dozen projects for borrower

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