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Avison Young brokers financing for Cambridge residential building, VÉLO
July 22, 2020
BOSTON, MA –Avison Youngannounced today that it has arranged a $19.9 million refinancing for the construction of VÉLO, a class A condominium building situated along the Alewife Linear Park in Cambridge, MA. VÉLO will include ground floor retail and 34 units of luxury housing and on-site parking that will deliver in 2021.
Avison Young worked on behalf of the borrower, a joint venture between Senné and SGL Development, to secure the construction loan through East Boston Savings Bank.
VÉLO’s West Cambridge location presents one of the most desirable areas in Greater Boston. The tree-lined bike and walking path along Alewife Linear Park leads to the amenity-rich Davis Square, where residents will have easy access to the MBTA station. The demand for ownership in this submarket has surged in recent years and the boutique-style condominium property has already attracted significant interest.
Avison Young’s Capital Markets team representing the borrower includes Senior Vice President Michael Buckley, Senior Financial Analyst Derek Opert, and Associate Taylor Phelan, all based in the firm’s Boston office.
“VÉLO is an exceptionally well-located and well-designed residence that will satisfy the demand for permanent residences in Cambridge,” said Buckley. “We expect VÉLO to be a welcome addition to the Davis Square community.”
“VÉLO addresses what we see as a gap in the Greater Boston real estate market – a luxury condominium designed and built with energy and environmental impact in mind,” added William Senné, President and CEO of Senné. “VÉLO is the genesis of a new type of environmentally-conscious urban lifestyle, anchored by a commitment to reducing carbon emissions. The residence will feature an enhanced bicycle storage facility and other amenities to encourage commuters to choose cycling the Linear Path over driving to work.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 108 offices in 14 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.