Background
| Loan Type | Ground-up construction |
| Collateral | First mortgage |
| Property Type | 24 to-be-built apartments plus 4,200 SF of ground floor retail |
| Loan Amount | $3.1 million |
| Underwritten LTV | 67% |
Mansfield, MA
Investment Highlights
- Borrower was seasoned residential builder geographically focused in Mansfield, Mass., area
- Borrower purchased land for $850,000 with cash, seller financing and affordable subsidy
- First Boston Capital Partners (FBCP) provided first mortgage financing for 100% of hard and soft costs to construct apartment building with retail space
- Property located across street from commuter rail station
- Appraised value of finished building was $4.6 million ($205/SF)
Status
- Borrower completed project on time and on budget, and rented all 24 apartments within 90 days of completion
- FBCP's loan was paid off with loan proceeds from conventional lender
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