South Street Apartments

Mar 27, 2023 Foxboro, MA

BCA arranged financing on behalf of the owners, The Revival Companies, a local real estate investment, development, construction and management firm with expertise redeveloping assets throughout MA and NH. BCA was able to originate a fixed-rate acquisition and construction loan of $2,725,000, which included initial funding for the purchase, construction financing for the redevelopment of the asset, and an earn out upon stabilization that represented 85% loan-to-cost.

“We’ve been very fortunate to be a part of The Revival Companies excursion into the suburbs over the last several years, and we were thrilled to handle another transaction for them in our backyard! The portfolio is well-located in downtown Foxboro and will benefit from significant investment and redevelopment efforts, all of which resonated with our lenders and resulted in very attractive terms for our client. We were very pleased with our lending partner, who offered great terms and structure that featured 85% loan-to-cost and a 10 year fixed rate of 5.59% that was locked at term sheet signing and held until closing,” said Patrick Brady, President of Brady Capital Advisors.

The South Street Portfolio includes a mix of studio, one-bedroom and two-bedroom floor plans in an attractive classic New England downtown setting, located just one block from Foxboro Common. The lender, a local community bank, offered the 10 year fixed rate with 30 months of interest only followed by 30 year amortization, with a flexible prepayment structure.


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