Forest Ridge Apartments

Jan 22, 2024 Fitchburg, MA

Brady Capital Advisors, LLC (BCA) announced today that it has arranged and facilitated $11.42 million in acquisition financing for the Forest Ridge Apartments, a 90-unit, multifamily property located on 12.35 acres at 6 Mary Anna Drive in Fitchburg, MA for a closing that took place on December 21, 2023.

BCA arranged financing on behalf of the owners, a joint venture between Shorelight Real Estate and Olivella Properties. BCA was able to originate a fixed-rate acquisition loan of $8,000,000, representing 65% Loan-to-Purchase, plus construction financing in the amount of $2,000,000 to facilitate a value-add reposition and stabilization of the asset, as well as a $1,425,000 earn out to be disbursed upon stabilization.

“This transaction was an exhibition in “where there’s a will, there’s a way.” We took this deal out to market when rates were at their peak, and while credit conditions were tightening, not to mention the noticeable dip in LP investor demand for the traditional value-add investment thesis. Against all odds, BCA shopped to nearly 75 active lenders throughout the region, and we were pleased with the results. We were very thankful for a relationship lender of ours, with whom we’ve transacted on countless transactions together, that stepped up and offered 77% loan-to-cost with a very competitive 5 year fixed rate. This, coupled with a preferred equity investment sourced by Shorelight and Olivella, provided a financing structure that allowed the borrowers to achieve their goals and optimize their capital stack,” said Patrick Brady, President of Brady Capital Advisors. “We are very much looking forward to watching the sponsors breathe new life into this asset!”

The Forest Ridge Apartments includes two-bedroom floor plans in an attractive residential neighborhood, located just 1 mile from Fitchburg’s MBTA Commuter Rail. The lender, a regional bank, offered the 5 year fixed rate with 24 months of interest only followed by 30 year amortization, with a flexible prepayment structure.


What our clients say about BCA


Get your commercial financing quote today