111-Unit Building Secures $30M in Financing

QUINCY, MA-Permanent financing in the amount of $29.8 million was secured for Munroe Place, a 111-unit, luxury apartment building located at 1205 Hancock St. Senior managing directors Fred Wittmann and Todd Stressenger of the Boston office of Holliday Fenoglio Fowler LP worked on behalf of Munroe Place LLC to secure the 10-year, 5.87% fixed-rate loan through Northwestern Mutual Life Insurance Co.

Munroe Place LLC is a joint venture between Abbott Real Estate Development LLC, a real estate firm specializing in multifamily development, and National Electrical Benefit Fund, the third largest Taft-Harley pension plan.”The initial funding of $25 million was interest only with an earn-out structure of up to $4.8 million within 18 months after the initial funding,” says Wittmann.

Munroe Place is immediately adjacent to the MBTA red line and near Route 93. The eight-story building was completed this past May and consists of 57 one-bedroom units and 54 two-bedroom units averaging 1,062 sf. The property also features an underground garage with 126 parking spaces. The property includes 10,000 sf of street-level retail, community and exercise rooms.