Needham Bank has provided a $41.5 million, three-part debt facility to Boston-based GromaCorp Inc., a technology startup and real estate investment firm.
Much of the financing will focus on Groma’s acquisition and rehabilitation of “Small-unit count multi-family homes” in Boston, Needham Bank said in a statement.
Groma has made two acquisitions using the Needham Bank facility so far: an eight-unit property at 1536-1542 Tremont St., which has six residential and two commercial units, and a three-unit property at 19 Perrin St. Both properties are fully leased, the statement said, adding that Groma is using the debt facility to improve each building’s amenities and environmental efficiency in the coming years.
The financing will also be used for Groma’s core operating activities and as a loan facility to underwrite improvements to Groma’s Boston headquarters at 31 New Chardon St. Founded two years ago, Groma has more than 30 employees and manages over $100 million of assets on behalf of its investors, the statement said.
“We are thrilled to be partnering with Needham Bank in this important financing facility to help scale up Groma’s efforts in the Greater Boston area,” Seth Priebatsch, GromaCorp.’s president, said in the statement.
Needham Bank provided the financing to Groma through its structured finance team.