January 9, 2020
CBRE arranged a $63-million refinancing of 145 Front at City Square, a 365-unit multi-family property that’s part of a 12-acre master-planned, mixed-use development in Worcester, MA.
The loan was arranged though MUFG Union Bank, part of Mitsubishi UFJ Financial Group, on behalf of owner Roseland Residential Trust, a subsidiary of office and multifamily REIT Mack-Cali Realty Corporation.
The CBRE team of Michael Sherman and Irene Lu arranged the construction loan takeout in 20 days to meet the borrower’s requirements. In addition, Union Bank offered terms which were of great interest to the borrower.
“The property had just finished lease-up, but was not yet economically stabilized, and the client had specific transaction requirements that CBRE and Union Bank were able to arrange in a very tight timeframe,” said Sherman. “This floating rate, long-term loan provided the stability and flexibility desired by the owner.”
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