404-Unit Apartment Community

Seekonk, MA

Clubhouse Capital secured a $52 million permanent mortgage loan to refinance the construction debt at this 404-unit apartment community in Seekonk, MA. The project is comprised of townhouses in 4-6 unit pods, and garden-style units in 24, 36 and 45-unit buildings. Construction was funded in phases by four different banks over the past six years (much of that debt placed by Clubhouse). The project stabilized quickly due to the lack of competition in the primary market, at times leasing at the rate of 3-4 units per week. The loan permitted the developer to recover substantial equity that had funded portions of construction since project inception. Much of that equity will be used to fund the developer’s site work at similar multi-family projects underway in RI and FL. (Summer 2018)