Boston-based Broder Properties has secured $23 million in financing for The Wyeth, a three-building, 63-unit multi-housing development in Cambridge.
The Wyeth, a 2.27-acre site, consists of 45 Yerxa Road, a 19-unit property renovated in 2008, and 120 and 124 Rindge Avenue, partially completed multi-housing buildings with 28 and 16 units, respectively.
Broder bought the properties out of foreclosure and is renovating 120 and 124 Rindge to LEED Platinum standards. The properties are located between Porter Square and the Fresh Pond/Alewife neighborhood of Cambridge.
Greg LaBine, a director at Pittsburgh-based Holliday Fenoglio Fowler, and his team worked exclusively on behalf of Broder Properties to secure the 15-year, fixed-rate financing with Boston-based Eastern Bank. The loan will fund construction of the property and convert to a permanent loan thereafter.
