BayBank Loan Portfolio, Natick, MA — Loan Portfolio
Quick Facts
- Investment Cost: $0.4 Million
- Improvement Cost: N/A
- Sale Price: $0.6 Million
- IRR: 239.8%
Description
- Portfolio of two loans secured by real estate in Natick, Massachusetts. Loans acquired at 34% of book value from BayBank.
Strategy
- The loans were purchased and settled with the borrower within a three month period.
Whetstone Mills, Killingsly, CT — Multi-Family
Quick Facts
- Investment Cost: $1.1 Million
- Improvement Cost: $0.3 Million
- Sale Price: $22 Million
- IRR: 23.5%
Description
- Whetstone Mills is a 43 unit residential condominium complex located in Killingly, Connecticut, approximately 30 minutes from Providence, Rhode Island and Worcester, Massachusetts.
Strategy
- Cosmetic improvements were made to the site and common areas to make it attractive to owner occupants. It was then marketed and sold to owner occupants.
New England Country Club, Bellingham, MA — Golf Course
Quick Facts
- Investment Cost: $3.2 Million
- Improvement Cost: $0.7 Million
- Sale Price: $9.2 Million
- IRR: 32.5%
Description
- The New England Country Club is located approximately 45 miles from Boston. It is a championship level golf course with a residential subdivision plan for 200 house lots.
Strategy
- An interest in the property was bought from the FDIC and the remaining portion was acquired through a bankruptcy process. Golf operations were maximized through improvements to the course and professional management. Following consistent increases in cash flow, the property was sold.
Sharon Park, Houston, TX — Multi-Family
Quick Facts
- Investment Cost: $11.8 Million
- Improvement Cost: $1.9 Million
- Sale Price: $14.1 Million
- IRR: 9.0%
Description
- 635 unit garden style apartment property located in Houston, Texas. The property was built in 1973.
Strategy
- Sharon Park was purchased at 40% of replacement cost. It was renovated and professionally managed to increase cash flow and value.
Shawmut Loan Portfolio, Greater Boston, MA — Loan Portfolio
Quick Facts
- Investment Cost: $1.55 Million
- Improvement Cost: N/A
- Sale Price: $2.1 Million
- IRR: 76.5%
Description
- Portfolio of two loans purchased from Shawmut Bank secured by apartment buildings in Quincy and Hudson, Massachusetts.
Strategy
- The loans were purchased and sold in a seven-month period for an internal rate of return of 76.5%.
Bellows Farm, Acton, MA — Loan Portfolio
Quick Facts
- Investment Cost: $2.6 Million
- Improvement Cost: N/A
- Sale Price: $3.5 Million
- IRR: 24.4%
Description
- Loan secured by 117 home lot development in Acton, Massachusetts. The loan to value ratio was approximately 50%.
Strategy
- A loan was made to the borrower to facilitate purchase of the property from the FDIC. After obtaining building permits, the loan was repaid in one year.
Waterford Green, Bedford, NH — Multi-Family
Quick Facts
- Construction Cost: $16.2 Million
- Improvement Cost: N/A
- Sale Price: $27.1 Million
- IRR: 29.5%
Description
- A 204 unit apartment complex located in Bedford, New Hampshire. Amenities include a clubhouse, indoor pool, fitness center and tennis courts.
Strategy
- Acquired land at below market cost and developed apartments in supply constrained market. Efficient management maximized the cash flow and value of the property.
Davenport Townhouses, Cambridge, MA — Condominium
Quick Facts
- Construction Cost: $1.0 Million
- Improvement Cost: N/A
- Sale Price: $1.5 Million
- IRR: 71.6%
Description
- Development of three four-level townhouses in Cambridge, Massachusetts. All units are of high quality with private decks and garaged parking.
Strategy
- The townhouses were developed and sold in one year. Each was sold for approximately $480,000.
Waterford Commons, Manchester, CT — Multi-Family
Quick Facts
- Construction Cost: $28.7 Million
- Improvement Cost: N/A
- Sale Price: $35.6 Million
- IRR: 19.6%
Description
- A 303 unit apartment complex located in suburban Hartford, Connecticut. Amenities include a clubhouse, indoor pool, fitness center and tennis courts.
Strategy
- Acquired land at below market cost and developed apartments in supply constrained market. The property was stabilized and professionally managed to maximize cash flow and value.
REIT Stocks, Various — REIT Securities
Quick Facts
- Investment Cost: $5.0 Million
- Improvement Cost: N/A
- Sale Price: $5.9 Million
- IRR: 15.3%
Description
- The fund consists of eight REIT stocks that are broadly allocated against the following industry sectors: Industrial (35%), Office (30%), Apartments (20%) and Retail (15%). The portfolio pays quarterly dividends totaling approximately 8% annually.
Strategy
- REIT stocks were selected to afford maximum liquidity and minimum downside risk. The REIT portfolio generated consistent cash flow and was sold after the stock values increased.
176 Federal Street, Boston, MA — Office
Quick Facts
- Investment Cost: $8.8 Million
- Improvement Cost: N/A
- Sale Price: $43.5 Million
- IRR: 22.4%
Description
- 176 Federal Street is a 70,590 square foot office/retail building located in the financial district of Boston. The property underwent a complete rehabilitation in 1987.
Strategy
- 176 Federal was acquired at below replacement cost. It was stabilized, leased and operated to maximize cash flow and value.
Southborough Property, S. Portland, ME — Office
Quick Fac
Quick Facts
- Investment Cost: $17 Million
- IRR: 2%
Description
- 300 Southborough is a 115,926 SF office building and two vacant parcels of land located in South Portland, ME.
Strategy
- 300 Southborough was acquired as a sale-leaseback transaction with a AAA credit tenant. The property also had two vacant lots that were sold in transaction separate from the principal building sale.