Taurus Investment Holdings and PhilMor Real Estate Investments has received a $23.5 million loan to refinance the Cabot Crossing apartment community in the Boston submarket of Lowell. The-252 unit asset located at 130 Bowden St. includes seven three-story, garden-style apartment buildings and a two-story clubhouse. The property has always been 95 percent leased with a mixture of 28 studios, 168 one-, and 56 two-bedroom units, with an average rent of $1,404. CBRE/New England Multifamily Debt & Structured Finance group arranged the refinancing for the borrowers.
“We were able to widely market this financing to a variety of lending sources which allowed the client to recapitalize the asset, return equity from their initial investment,” said John Kelly SVP CBRE.
