Murphy PC represented the owner of a five-unit mixed-use retail and residential property on Newbury Street in Boston’s Back Bay in connection with the refinance of the existing mortgage on the property. The financing, provided by a regional lender, was in an amount of up to $4.4 million, secured by a first-position mortgage and an assignment of leases and rents.
The firm handled the borrower-side work through closing, including review and negotiation of the loan documents, the environmental indemnity, and the lender’s collateral assignment, and coordination of tenant estoppels and subordination and non-disturbance agreements with the property’s commercial and residential tenants. The loan carries a five-year term with an option to extend for an additional five years, an initial interest-only period, and a subsequent principal-and-interest period amortized over thirty years.
Mixed-use assets on Newbury Street combine ground-floor retail with upper-floor residential units, and the refinance reflects the firm’s regular work for owners and investors in Boston’s commercial market.
Murphy PC is a Boston-based law firm focusing on real estate and business transactions. The firm counsels developers, sponsors, owners, investors, lenders, tenants, nonprofits, and partnerships in joint ventures, project development, acquisitions and dispositions, financing, leasing, and construction across all property types.