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6 Bunker Hill
$6,047,000 Acquisition, CapEx & TI/LC Financing
Boston, MA | June 2019
Thorofare Capital has funded a $6,047,000 short-term bridge loan for the acquisition, renovation and lease-up of 6 Bunker Hill, a single-tenant industrial warehouse located in the Charlestown neighborhood of Boston, Massachusetts.
The sponsor’s business plan includes performing capital improvements and marketing the available space for lease. The property provides users with immediate access to I‐93, US‐1, and the MBTA rapid transit orange line, which provide interconnectivity between Downtown Boston, Charlestown, Cambridge, Somerville and the adjoining Northern and Southern regions of Greater Boston. In addition, there is a water shuttle service running from the Navy Yard within several hundred yards of Paris Landing to Long Wharf (seven minutes) in downtown Boston. The Hood Park Master Planned Community is located adjacent to the Subject Property and will convert a 20‐acre milk factory site into 1,785,804 SF of multifamily, biotech/lab, office and retail space. In addition, there is a 171‐unit, Class A multifamily property known as The Graphic Apartments being developed approximately 0.5‐miles away from the Property.
The non-recourse, interest-only two year loan includes future funding towards “good news” leasing costs and was closed in less than 30 days from application to funding.
The sponsor is a boutique investment advisor and private equity sponsor that specializes in the acquisition, repositioning and re‐entitlement of commercial properties in Dallas, Maryland, Boston and New York.