Cushman & Wakefield announced today that it served as the exclusive advisor to affiliates of ASB Real Estate Investments in arranging a $56.75 million loan for The Peninsula (the “Property”), a 285,205 rentable square foot apartment community in Dorchester Bay, Boston. The ten-year financing was provided by Capital One Bank.
The Peninsula, which consists of two buildings (Peninsula I & II), features a total of 336 apartment units that offer luxury waterside and city views. The property has a diverse selection of unit sizes and configurations, along with ample parking, a 1,500 square foot state-of-the-art fitness center, outdoor heated swimming pool and grilling area, community room, electronic media lounge, and dry cleaning services.
The Peninsula is located adjacent to the John F. Kennedy Library at the University of Massachusetts Boston and is walking distance to the JFK/UMass Red Line T stop. Additionally, the property offers easy access to major metropolitan highways including Interstate-93 (the southeast expressway), Interstate-90 (Mass Turnpike), Interstate-95 and Route-128.
Steve Kohn, Dave Karson, Alexander Hernandez, Jay Wagner, Sridhar Vankayala and Stuart Kim of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the ownership.
“The property has strong in-place cash-flow, top-tier sponsorship and an excellent location, which led to a highly competitive process,” said Kohn, President of Cushman & Wakefield’s Equity, Debt and Structured Finance group.