Background
| Loan Type | Renovation Loan |
| Collateral | First Mortgage |
| Property Type | Two-Unit Condominium Conversion |
| Loan Amount | $910,000 |
| Underwritten Ltv | 67% |
The Marketplace at Morrissey
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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