First Opportunity Zone in Massachusetts Out of the Ground & Fully Funded

BOSTON, June 17, 2019 /PRNewswire/ -- Boston Realty Advisors, the leading independently owned real estate advisory and brokerage firm in Massachusetts, secured a $30.9 million construction loan for the ground up redevelopment of 21 East Street in North Attleborough, Massachusetts – a Class A apartment property consisting of 193 market rate apartment units and approximately 11,500 square feet of retail.

The redevelopment is replacing the dilapidated L.G. Balfour Building, located in the heart of downtown North Attleborough.  The site is situated within one of the two designated North Attleborough Opportunity Zones, unanimously supported by the local municipality and the first Opportunity Zone development to be this far along in the Commonwealth of Massachusetts.

Boston Realty Advisors worked on behalf of the sponsor, Jones Street Investment Partners.  The 5-year loan was provided by Cambridge Savings Bank.  Matt Frazier, Founder and Chief Executive Officer of Jones Street Investment Partners said, "Boston Realty Advisors brings an ownership perspective to every engagement.  Their due diligence and attention to detail was a perfect match for our data-driven approach to multifamily financing."

The transit oriented development sits on 4.3 acres and will include a fitness facility, a new restaurant, outdoor parking and shuttle service to multiple MBTA stations.  With 193-units throughout four individual buildings, phased delivery will begin in the first quarter of 2020.

The Boston Realty Advisors debt placement team representing the borrower included Managing Director and Partner Nicholas M. Herz; CEO and Founder Jason S. Weissman; and Associate Director Kevin Benzinger.

Mr. Herz said, "The loan from Cambridge Savings Bank speaks volumes about the future success of suburban development."  He continued, "Jones Street Investment Partners demonstrated an indomitable ability to navigate this opportunity zone investment, creating a true win-win for all stakeholders."

SOURCE Boston Realty Advisors

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