Thorofare Capital has provided a pre-development loan of $13,000,000 for a cash-neutral refinance of a fully entitled development site totaling 75,084 SF (1.7 acres), located in the Brighton submarket of Boston, Massachusetts. The development site is located at 40 Mount Hood Road and is entitled for a 151-unit condominium building. The sponsor acquired the site for $16 million in January 2017 and did a sale leaseback with the seller to continue operating the site as a hotel as the Borrower proceeded with the entitlement process to change the use to condos.

40 Mount Hood Road is located at the corner of Mount Hood Road and Egremont Road, currently consists of a motel containing 74 hotel rooms in three separate buildings, as well as surface parking spaces. The site will be developed into an approximately 165,310 square foot residential building and 204 parking spaces. The project plans to improve the public realm with approximately 10,000 square feet of landscaped space lining the property on both Mount Hood and Egremont Roads. This will create an active edge along a corridor that connects the residential neighborhood to Commonwealth Avenue, which is well-served by public transit. The pedestrian experience will be further enhanced with new street furniture, trees, plantings, lightning, and path patterning.

The project is being developed by a JV between two private investors which individually have extensive real estate investment experience with local, high-quality residential developments. Prominent land uses in the subject’s neighborhood include St. Elizabeth’s Medical Center and Brighton Marine Health Center, which are located 0.7 miles from the subject. In addition, the subject is located 1.8 miles from Boston College.