Reading Development Gets $13M Construction Loan, $4M Joint Venture Equity Financing

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The ground-up development of 30 Haven St. in Reading has received $13 million in construction financing and $4 million of joint venture equity financing, arranged by the Boston office of Goedecke & Co. LLC.

Plans for the site, formerly the Atlantic Supermarket, include razing the existing structure and building 53 residential units - 20 percent of them affordable housing - atop underground parking, according to a statement. The project will also include 20,000 square feet of first floor commercial space.

The Haven Street development will be built using modular construction with Keiser Homes as the modular designer and manufacturer. The general contractor will be Oaktree Construction, managed by Paul Ognibene, of Cambridge.

"30 Haven St. is a clear example of a project that has all of the attributes that lenders and equity investors require today: strong location, a sponsor with a proven track record and market demand," said Goedecke Vice President Michael Surprenant. "We are delighted with the execution and closing of this financing and look forward to watching this development take shape."

Surprenant worked on behalf of the borrower, a single purpose entity controlled by Oaktree Development, to secure the construction loan from Enterprise Bank of Lowell and joint venture equity from Concentric Real Estate Group, an affiliate of RJ Finlay & Co., of Milford, N.H.

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