MEDFORD, MA-A $6.5-million mezzanine debt placement was secured on behalf of Wellington Place LLC to fund the construction of a $34-million, 137-unit luxury apartment project.Winchester Capital LLC a real estate investment banking firm, arranged the financing in which the Boston office of a national private equity group provided the loan. The complex will feature one- and two-bedroom units.
According to Jim McAuliffe, managing member of Wellington Place LLC, the mezzanine debt was critical to getting the deal done. "The creative capital structure will allow us to begin construction of Wellington Place Apartments," he says. Steve Campbell, principal of Winchester Capital LLC, and advisor to Wellington Place LLC notes that his firm was able to achieve the clients' objective of raising the mezzanine debt proceeds required to fund this project within a "compressed time frame."
