Atlantic Development Group borrows $23M from Jones Lang Lasalle Multifamily for multifamily property in Longwood Melrose

Atlantic Development Group through the entity Morris Avenue Cornerstone Associates, L.P. as borrower signed a loan agreement with lender Jones Lang Lasalle Multifamily, LLC valued at $23.0 million for 2 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 209 residential units at 3000 Park Avenue, 675 Morris Avenue in Longwood Melrose. The deal closed on November 26, 2019 and was recorded on January 8, 2020.

The average loan per unit is $110,048.
The loan replaces $14.7 million provided in 2008. The last time the property sold was April 22, 2005, for $2,960,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 72 residential units on August 7, 2012.

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