We learn and pivot! Risk is always part of the private lending game. Congrats, David, on managing the sales closings for this East Boston project and managing through the ups and downs. It’s a testament to the flexibility of the First Boston Capital Partners team and the Boston market's resilience, and that’s what keeps us moving forward. Stay tuned for our update on the various real estate project loans successfully financed and repaid in Q3 – we're excited to share the wins and lessons learned along the way!
Today, we sold the last unit in a 6-unit building in East Boston, MA at a property on which we foreclosed a few years ago. Once gaining control, we leased it to an operator for an 18 month term on a lease that expired in the summer and all 6 units sold over the last couple months. With the sale, we got a return of our capital but not even close to all of our interest - you can’t win ‘em all! Thankfully, we haven’t had too many of these in the last 15 years but as any private lender can attest, it happens. And when it does, you learn from it and redeploy the capital….. The for sale condo market remains quite stable in Boston. First Boston Capital Partners is extremely grateful for the Herculean efforts of all-star sales agent Jamie Cholette - Jamie was “spot on” in her valuation of the units when we listed them for sale and worked tirelessly with our management company to stage the units and move these beautiful units. Thank you Jamie! CC: Jacob Grossman Christopher Michaud Ben Stillwell Patrick Bourque Jason Denoncourt Sean Lynch