Malden, Mass – Colliers International (Colliers) recently arranged $175 million in financing for Granada Highlands, a first-class multi-family community in Malden, Mass. The proceeds will be used to pay off existing debt, completion of their existing unit renovation/upgrading strategy, as well as the construction of an additional 236 units on site.
Senior Vice President John Broderick and Executive Vice President Kevin Phelan of Colliers exclusively represented Metropolitan Properties of America (MPA) to secure the new financing through JP Morgan Chase.
“It was a pleasure working with MPA and JP Morgan Chase on this transaction,” said Broderick. “There were many moving pieces to contend with on this deal. We were paying off existing debt, funding renovation dollars to complete the last third of the unit renovations and were in need of new construction dollars to expand the asset with two new buildings and 236 additional units. MPA has done a remarkable job in revitalizing this asset since its acquisition in 2007. This financing is the final step in completing the process. JP Morgan Chase did a tremendous job providing cost effective, flexible financing to meet all of MPA’s needs. Their team was top-notch and efficient in getting this completed within a very tight time frame, especially for a transaction of this size.”