This investment is an origination of a $3.5 million first mortgage loan collateralized by 655 Summer Street, a 14,392-square-foot, three-story office building constructed in 1989.
The borrower will use the proceeds from this loan to fund additional business operations and retire an existing loan on the property. This loan is interest-only and has a term of three years. The growth and momentum of the convention center/sea port submarkets of Boston makes this investment highly desirable.
On January 12, 2018, the real estate loan receivable was repaid in full.