Carmel Partners secures $137m financing for downtown Boston community

Carmel Partners has secured $137 million for LUKA on the Common, a 398-unit, 30-story trophy asset located in the heart of Downtown Boston.

The Walker & Dunlop Boston Investment Sales team facilitated the sale of the property on behalf of the client, AvalonBay Communities, and the buyer, Carmel Partners. Concurrently, the Walker & Dunlop Multifamily Finance team secured $137 million in acquisition financing for Carmel Partners. They identified Fannie Mae as the lender and structured it as a five-year, full-interest-only loan with an early-rate lock.

Previously known as the AVA Theater District, the property was rebranded as LUKA on the Common and stands 30 stories tall on a 21,344-square-foot site in the Boston Common multifamily market.

LUKA on the Common’s location, centrally situated in Boston, offers access to the city's employment hubs, top-tier education and healthcare facilities, public transportation and green spaces.