Hilltop Estates Apartments

Aug 12, 2022 Fitchburg, MA

BCA arranged financing on behalf of the owners, Door Fund Inc., who are an investment, development, and management firm with approximately 400 apartment units under ownership and management across New England. BCA was able to originate a fixed-rate acquisition loan of $6,000,000, representing 75% Loan-to-Purchase, plus construction financing in the amount of $2,000,000 to facilitate a value-add reposition and stabilization of the asset.

“This transaction was almost 8 months in the making, having gone under contract in January of 2022 and reaching its crescendo in late July when the final title issues were cleared. We applaud Door Fund’s efforts in transacting – where others might have succumbed to deal fatigue, they stayed the course with a steady hand. The sponsors conjured an 80-unit garden-style apartment complex, seemingly out of thin air, purchasing 80 separate condominium units from a multitude of different owners and putting to rest a fractured condo situation that had plagued the asset for years. We were also equally impressed by our lending partner, and their support for workforce housing in the market, issuing their commitment in April and holding their terms through closing, while rates continued to rise significantly,” said Patrick Brady, President of Brady Capital Advisors. “We delivered ultra-competitive pricing and an aggressive structure that featured 79% loan-to-cost and a 7 year fixed rate at 3.50%,” added Brady.

The lender, a community bank with a regional presence, offered a 7 year fixed rate, with 3 years of interest only followed by 30 year amortization, and a flexible prepayment structure.


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