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Building

Transaction Details

Boston, MA property
Boston, MA property

3-Unit Condo Conversion

$1,985,000

Boston, MA

3-Unit Condo Conversion

  • Project Type: 3-Unit Condo Conversion
  • LTV: 73%
  • LTC: 85%
  • Rate: 10.25%
  • Term: 12 Months IO
  • Guaranty: Recourse

Transaction Overview

Max Benjamin Partners, Inc. (“MBP”) is proud to announce the successful closing of acquisition and construction financing for a three-unit condominium conversion in the heart of historic Charlestown, Boston. The property, a classic New England triple-decker currently operating as a three-family rental, will be transformed into luxury condominiums featuring open floor plans, high-end finishes, and modern en-suite master bedrooms, all while preserving the building’s timeless architectural charm.

MBP structured a customized financing package aligned with the sponsor’s business plan, providing 12 months of interest-only payments, 87.5 percent loan-to-purchase, and 90 percent of construction costs, with a reduced 90 percent holdback to minimize upfront capital requirements. The structure allowed for an exceptionally low cash-to-close execution, with the sponsor contributing only the first $50,000 in construction costs before lender funds are deployed, ensuring optimal liquidity and flexibility during the renovation phase.

Upon completion, the project is expected to nearly double the property’s current value, creating significant equity and delivering high-end residential units in one of Boston’s most sought-after neighborhoods. This transaction exemplifies MBP’s ability to craft efficient, high-leverage capital solutions for boutique urban infill projects, supporting sponsors who are revitalizing historic assets and enhancing the housing landscape in premier metropolitan markets.

MBP specializes in debt and equity placement for all asset classes. Our extensive network of unique capital sources in development and permanent financing and extensive capital markets knowledge allows us to tackle a wide variety of transactions, regardless of complexity or size, to benefit our clients.

MBP has a team of dedicated and experienced finance professionals with you at every step. We are consistently improving and expanding our capital market relationships and are committed to exceeding our client's expectations through these relationships, innovative solutions, and outstanding work ethic.

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Work with us to see what our talented team, vast network of debt and equity providers, and capital markets expertise can do for you.

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