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CBRE/NE ARRANGES $4.2M ACQUISITION LOAN FOR MULTIFAMILY PROPERTY

WORCESTER, MASS. — CBRE/New England’s Capital Markets team has secured $4.2 million in acquisition financing for Park Plaza Apartments, located at 507 Main St. in Worcester. Main Five Zero Seven LLC, an affiliate of Advanced Realty Management, purchased the 11-story, 90-unit apartment building and nearby parking lot for $5 million. Originally built in 1885 and renovated in the 1970s, the property features 11 studio apartments, 70 one-bedroom units and nine two-bedroom units. John Kelly of CBRE/NE’s Multi-Housing Debt & Structured Finance group arranged the financing on behalf of the buyer.

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