An experienced Boston investor acquired a historic Back Bay brownstone for $1,200,000 - in the same family for 40 years, untouched since the 1980s. Structure was sound, interior needed a complete overhaul.
LOAN AMOUNT
$1,620,000
$500K renovation required coordination with Boston's historic preservation guidelines. Investor needed high-leverage financing to preserve working capital for the contractors.
Adler Capital structured $1,620,000 - 90% LTV - covering purchase and 100% of rehab. Fast close in 10 days prevented a competing offer from winning.
The Outcome
Finished brownstone sold for $2,350,000 - a record for the block. Exposed brick, original moldings, chef's kitchen, spa primary suite. Net profit: $500,000+.
Deal Highlights
LOAN AMOUNT
$1,620,000
PURCHASE PRICE
$1,200,000
RENOVATION BUDGET
$500,000
FINANCING
90% LTV
SALE PRICE
$2,350,000
PROJECT DURATION
14 Months
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