Axiom Capital Corporation arranged the closing of $68,000,000 in construction financing for a 328 unit, apartment complex in Everett, MA. The non-recourse loan was closed with a bank for a three year term with a two year extension option. The loan demonstrated a 75% LTC at the time of closing.
The subject property is a to-be-built luxury apartment complex that will feature 328 units, within three buildings, totaling 272,260 net rentable square feet. The units will be a mix of studio, one, two, and three bedrooms, with an average unit size of 830 square feet. In addition to the three residential buildings, there will be a parking garage with 288 spaces. The property is situated on 4.07 acres.
The subject’s proximity and short commute to Boston make it an attractive rental location for people working in Boston. Within a one mile radius of the subject, 53% of households are renters. The subject property is also well located near retail and transportation facilities as it is adjacent to the Gateway Center (a lifestyle retail center), 3.0 miles to Downtown Boston, 3.5 miles from MIT, 4.2 miles from Logan International Airport, and one mile from the Sullivan Square MBTA station. As of 2011, within a one and three mile radius of the site, the population was 19,675 and 369,430, respectively, and average household income was $57,789 and $71,631, respectively, well above the US average income level of $52,762.