CBRE Investment Management Closes $49.7 Million Mortgage Loan for Boston-Area Residential Property

November 8, 2021

Chestnut Place

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Pam Barnett

Senior Director, Corporate Communications

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A fund sponsored by CBRE Investment Management closed on a $49.7 mortgage loan to finance Taurus Investment Holdings’, a global private equity real estate firm, acquisition and renovation of Chestnut Place, a 207-unit garden-style residential property in the Boston area. The floating rate loan has an initial term of three years and can extend up to an additional two years.

Taurus will aim to transition Chestnut Place to a low-carbon, energy efficient multifamily complex by replacing the gas-powered boilers with advanced electric heat pumps, adding new high-efficiency mechanical equipment, and installing on-site solar.

Located at 13 Joanne Drive in Ashland, Mass., Chestnut Place is currently 94.2% leased. Each unit features central air conditioning, a fireplace and walk-in closets. Select units also have private patios or balconies. Community amenities include a swimming pool, deck, children’s playground, basketball court, laundry facilities and on-site management. Residents benefit from convenient access to Ashland State Park, a 470-acre state park featuring a 157-acre reservoir located adjacent to the property. 

“We were pleased to have worked with Taurus, who has extensive experience investing in the Boston area,” said Michelle Liu, Managing Director for CBRE Investment Management. “Chestnut Place is an asset that has shown stable occupancy and consistent rent growth and located in a submarket with strong demographics and a highly rated school system. We believe that the new ownership’s focus on renewable energy and on-site energy generation will further enhance the property’s performance.”

“Chestnut Place offers convenient access to the employment hubs of Boston and Worcester while also providing a functional and affordable housing option for renters,” said Nick Clark, Managing Director at Taurus.

Chestnut Place is close to I-90, the main thoroughfare connecting Western Massachusetts to Logan International Airport, and the I-495/Mass Pike corridor, which has a strong suburban office and lab market. The property also benefits from proximity to Ashland Station where residents can access the MBTA Commuter Rail which provides service to Downtown Boston. 

The JLL Capital Markets team of Jamie Leachman, Jackie Meagher, and Sean O’Brien arranged the loan on behalf of Taurus. 

“The tremendous liquidity in the debt space along with Taurus’ multifamily experience nationally and specifically the Boston MSA led to a very competitive marketing process,” said Leachman. “CBRE Investment Management separated themselves by offering maximum flexibility and speed to closing.”
About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive. 

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.