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Natixis Provides $38.0 Million Floating-Rate Financing on Wellington Parkside Apartments
Natixis originated a $38.0 million floating-rate loan on Wellington Parkside Apartments for Boston-based Taurus Investment Holdings, LLC. Proceeds from the loan will fund the acquisition and lease-up of the 190-unit, Class A multifamily property.
Wellington Parkside Apartments is located in Everett, MA, approximately four miles north of the Boston Central Business District (CBD) and approximately one mile from the site of the Wynn Boston Harbor Casino, currently under development. Once complete, the casino is expected to bring 4,000 new jobs to the immediate area. “Given the strong demand for quality rental units in close proximity to the Boston CBD along with an experienced, local operator such as Taurus Investment Holdings, we view this as a solid addition to our balance sheet portfolio,” says Greg Murphy, Head of Natixis Real Estate Finance Americas.
Taurus has retained Boston-based The Dolben Company to handle leasing and management of the property. Taurus Investment Holdings is a Boston-based global real estate owner / investor with a current portfolio totaling
13.5 million square feet valued at $1.9 billion.
The financing was arranged by John Kelly from the office of CBRE in Boston, MA.
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.4 billion, a Basel 3 CET1 Ratio(1) of 11.5% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in and including current financial year’s earnings and accrued dividend (based on a 60% pay-out).
Figures as at 30 September 2019.
