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New England Realty JV secures $125M mortgage note

A 40%-owned joint venture of New England Realty Associates LP secured a $125.0 million mortgage note from John Hancock Life Insurance Co.

Interest on the note, which is due June 1, 2028, will be paid at 3.99% per annum. The debt is secured by a mortgage on the Dexter Park apartment complex at 175 Freeman St. in Brookline, Mass.

The joint venture plans to use the proceeds of the loan to pay off an outstanding loan of roughly $82.0 million.