Belgrade Place Finalizes $11.7-million Loan from Belmont Savings Bank

The developer of the new Belgrade Place finalized a $11.7-million loan from Belmont Savings Bank this week to finance the development.

The loan will be used as permanent financing for the complex, particularly to pay off construction of the apartments. Opened this month, Belgrade Place, is a 39-unit apartment complex, being pitched as "the first high-end multi-family complex to be built in West Roxbury in 40 years." 

(See a .)

“With Belgrade Place, the West Roxbury community has a terrific new complex providing much needed housing to families and individuals, including working professionals,” said Keith Andre, Senior VP–Commercial Real Estate Lending of Belmont Savings Bank via press release. “We are excited to be working with Michael Barsamian on Belgrade Place, and we will continue establishing working relationships with other developers in an effort to provide Greater Boston residents with a convenient place to live as well as easy access to local area amenities and downtown Boston.”

Michael Barsamian is the developer, as well as the founder of , which is just a stone's throw away from the complex. The apartment building has 39 studios, one-, two- and three-bedroom apartments ranging from 540 to 1,560 square feet. There is also a secure garage parking, video security, in-unit laundry, central air conditioning, elevator in building, stainless steel appliances and granite countertops.