Valencia Realty Capital Arranges $3.1 Million in Financing for 9 Residential Units in Three South End Buildings
BOSTON (January 19, 2018)— Valencia Realty Capital, a provider of flexible, cost-efficient debt capital for commercial real estate investors and developers, announced today that it has arranged a $3.1 million loan on a 9-unit residential portfolio across three buildings in Boston’s trendy South End next to the Northeastern University campus.
“The borrower was very pleased, as we were able to surpass expectations on cash out proceeds, which our client will be using towards additional property acquisitions,” said Stephen Smeke, Managing Director of Boston-based Valencia Realty Capital. “The deal demanded flexible underwriting in order to hit the debt service coverage ratio required by the debt capital markets.”
The classic brownstone buildings located on Hammond Street consist of a unit mix with two- and three-bedroom apartments.
The loan terms included a fixed-rate period of 5 years with a 30-year amortization. A flexible prepayment penalty was provided as non-applicable in the event of a building sale.
Earlier, in another creative deal with a different borrower, Valencia arranged $2 million in cash-out refinancing for a portfolio of 17 residential units in six buildings located in five different towns – Revere, Middleton, South End, East Boston and Everett in Massachusetts.
About Valencia Realty Capital:
Based in Boston, Valencia Realty Capital arranges flexible, cost-efficient debt capital for independent and “main street” commercial real estate borrowers seeking the best terms available in the market. Loan sizes starting at $1 million, Valencia provides tailored capital solutions with competitive terms for all asset classes, including acquisition and repositioning, construction and refinance. For more information, visit: www.ValenciaRealtyCapital.com