24-story apartment building purchase financed
Gomberg Financial Services of Marblehead, MA is pleased to announce that we have arranged financing for the acquisition of 600 Main St. in downtown Worcester for $14.5M. The property is a 24-story concrete building built in 1991. It has 196 apartments and commercial space on the lower levels.
The buyer assumed the existing $8,189,000 first mortgage, held by Arbor National Commercial Mortgage. Gomberg Financial Services placed a supplemental mortgage of $2,540,000, also with Arbor, which is fixed for 10 years and has an interest rate of 6.25%.
In order to raise the necessary funds for the borrower to complete the transaction, we arranged two cash-out refinances and a $5M bridge loan on an unseasoned property. The bridge loan will shift into permanent financing within 18 months.
The borrower, 600 Main St., LLC, is owned by Vaios Theodorakos. Mr Theodorakos now owns approximately 700 units, mostly in Worcester and Framingham. Gomberg Financial Services has closed over 20 loans with Arbor National Commercial Mortgage, six of those with Mr. Theodorakos.
600 Main St., Worcester, MA