Multifamily Maestros Close A Full Score Of Properties
Some analysts have expressed trepidation that Boston's rental market shows signs of topping out. But Chase Commercial Term Lending, led by client manager Bill Crocker (left) and client associate Daniel Vasserman (middle) financed an impressive 20 multifamily properties with an average cycle time of 35 days in May and June, and they're seeing figures that warrant optimism.
According to the Boston Globe, the Q2 rental price growth rate was the lowest it's been in two years, while the vacancy rate is at its six-year peak. But worries about a supply glut (there's a large amount opening Sept. 1) with the potential to decrease prices seem unfounded. An intense focus on rate changes ignores the fact Boston multifamily still represents one of the most lucrative asset classes, with average rents above $2k. Rents are still rising, albeit more slowly—an average of 4%/year, and this six-year vacancy high-water mark is a modest 5.5%.
From Boston’s North End to Charlestown, Cambridge, Melrose, Chelsea, Revere and Quincy, the properties financed by the Chase team were with existing clients who sought out the team for its ability to lock interest rates early, ensure fast and seamless delivery, from inception to execution, and provide balance sheet loan products.
“Chase is fully committed to the Boston market," says Chase regional sales manager John Gambardella (at right in above photo). "Partnering with high-quality sponsors and being there for our customers is key to making that happen. We're also thrilled to be able to offer a 4 for Free program. Prospective buyers can take advantage of no processing, appraisal, filing or lender legal fees when purchasing or refinancing a stabilized apartment building."
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