Murphy PC represented a private real estate owner in a $3 million first mortgage construction-to-permanent loan secured by a multifamily property in Revere, Massachusetts. The financing refinances existing debt and funds construction of a new six-unit residential apartment building.
The firm advised the borrower on the loan structure and closing conditions, including the construction-phase advance schedule, conversion to permanent financing on completion, and the lender’s construction oversight, appraisal, title, insurance, and environmental requirements. The loan is structured as a 5/5 year adjustable-rate mortgage on a 30-year amortization, with interest-only payments during the construction period and a rate that converts to a fixed 6.5% upon issuance of the certificate of occupancy.
The matter reflects Murphy PC’s focus on real estate financing for owners and developers across New England.
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.