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The units at The 1850 were sold for a 20 percenr to 30 percent discount to listing according toSue Hawkes, presidentg of . In total the sale of the lofts, and 21 parkinv spaces for $35,000 each, generated nearly $12 milliob for developer . “The debt and the lenderx were very, very pleased,” said Hawkes, presideny of Velocity Marketing Services. Proceedz from the auction were used to pay off a firstt mortgage with andmezzanine debt, said Hawkes who declined to provide detailsw about the loans. The auction was held on Sunday atthe . Bids for the loftsw at the 60-unit, five-story project started at $175,000.
Unitas ranging in size from 679 squaree feetto 1,564 square feet sold for between $271,000 to $552,000, accordingf to a report from Condo Domain Boston. The most-recent askinv prices for the units rangedfrom $335,000p to $799,000. Hawkes said the auction that for theright price, buyers will come off the noting that the auction generated two years worth of salexs in one day. The 1850 is a formerd piano factory and general warehousre which was renovatedlast spring.
In a previously unpublished interview, John a senior vice president with the Cresset said he originally anticipated it wouled take 14 months to 16 months to sell out the lofts whichfeature 10-foot ceilings, originapl brick walls and stainlessd steel appliances. Cresset sold 25 of 60 unitsx in the 18 months it had been marketintgthe project.
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