Somerville, MA

Background

Investment Highlights

• First Boston Capital Partners' (FBCP's) fifth loan to borrower, who had substantial experience buying and renovating residential property in Somerville and Medford area
• Borrower purchased 2,916 SF two-family for $675,000 ($337,500 per unit); business plan was to finish portion of lower level and gut renovate units
• Project costs totaled $1.01 million ($505,000 per unit), including construction costs and interest reserve
• FBCP's loan financed acquisition and renovation; borrower invested $100,000 cash equity at closing
• FBCP's loan was secured by additional collateral in form of second mortgage on another condominium conversion in Somerville, which was completed and on market at time of loan closing

Status

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