Monarch Village Apartments

BCA arranged financing on behalf of the owners, Northeast Contracting Solutions, who are an investment, development, construction and management firm with approximately 400 apartment units under ownership and management throughout the New England. BCA was able to originate a fixed-rate construction loan of $6,150,000, representing 85% Loan-to-Cost, to facilitate the redevelopment, partial ground-up construction and stabilization of the asset.

“We were very excited to take on this assignment on behalf of our clients and their partners, as we are strong proponents of creative redevelopment and giving tired assets new life, especially when it benefits the housing stock in the region. This project will convert the old Wren’s Nest Village Inn, which is very well-located just 10 minutes from downtown Portsmouth, into 40 apartment units. There was a lot of competition for this financing, and we were thankful to end up with the lending partner we did, who offered incredible terms and structure that featured 85% loan-to-cost and a 5 year fixed rate of 2.95% that was locked at term sheet signing and held until closing,” said Patrick Brady, President of Brady Capital Advisors. “We are excited to see phase 1 of this project commence, and we will be tracking its success the next couple of years.”

Monarch Village will include a mix of studio, one-bedroom, two-bedroom and three-bedroom floor plans. The lender, a local community bank, offered the 5 year fixed rate with 2 years of interest only followed by 30 year amortization, with a flexible prepayment structure.