Jamaica Plain, MA

Background

Investment Highlights

• Borrower was a team consisting of a seasoned general contractor and attorney
• Development approvals secured prior to First Boston Capital Partners (FBCP) loan closing
• Borrower purchased 4,000 SF three-family for $650,000 ($217,000 per unit); business plan was to gut renovate the three-family into luxury condominiums and build two new-construction townhomes on excess land
• Project costs totaled $1.95 million ($390,000 per unit), including construction costs and interest reserve
• FBCP's loan financed acquisition and renovation; equity at closing was in form of seller-subordinated $500,000 second mortgage

Status

• Paid off as agreed; borrower sold units for approximately $2.3 million ($460,000 per unit)