SOMA, a new 69-unit apartment building at 110 South Bridge St. in Somerville
By Joshua Burd
The developer of a new 69-unit high-end apartment building in Somerville has refinanced the property for $13.25 million, brokers with HFF announced Wednesday.
The capital markets firm worked on behalf of the borrower, Sterling Properties Group LLC, to secure the long-term, fixed-rate financing from New York Life Insurance Co. Located at 110 South Bridge St., the project known as SOMA opened early this year and features studio, one-bedroom and two-bedroom apartments, offering a location just steps from the Somerville train station.
The HFF debt placement team was led by senior managing directors Jim Cadranell and Jon Mikula, along with Analyst Andrew Zilenziger.
In a news release, HFF noted that SOMA is also less than a half-mile from NJ Transit bus service and a short drive from major highways such as interstates 287 and 78 and routes 202/206 and 22. Amenities include a private fitness center, tech lounge, bike share program and proximity to downtown Somerville’s restaurants, retail and entertainment.