Dealmaker: HFF Finances $230M for Multifamily, Mixed Use
Holliday Fenoglio Fowler LP provided nearly $230 million in financing for a mixed-use park in Massachusetts and multifamily buildings in New Jersey and Massachusetts.
HFF provided $205 million in financing for The District Burlington, a mixed-use park comprising more than one million square feet of office and retail buildings in Burlington, Mass.
The HFF team worked on behalf of the borrower, affiliates of Charles River Realty Investors, National Development and AEW Capital Management, to secure the seven-year, fixed-rate permanent loan through a major institutional life insurance company.
The District Burlington is adjacent to Route 128/Interstate 95 and the Burlington Mall, 15 miles northwest of Boston. The property was repositioned and rebranded through a redesign of the park infrastructure and development of a 30,000-square-foot retail cluster anchored by Island Creek Oyster Bar, Tuscan Kitchen and Market and TD Bank.
Improvements to the park also include addition of a 350-space parking garage, repositioning and expansion of Building 700 and creation of a walkable amenity package including a new Residence Inn by Marriott, an 8,000-square-foot fitness center and OMMMSpace that houses yoga and meditation classes. The District Burlington is 85 percent leased to a diversified roster of more than 40 regional, national and global tenants.
The HFF debt placement team representing the borrower included senior managing director Fred Wittmann, managing director Greg LaBine and senior associate Robyn King.
HFF also provided $15 million in construction take-out, permanent financing for Sphere, a new 42-unit luxury multihousing building in Medford, Mass.
The HFF team worked on behalf of the borrower, Dark Horse Capital Partners, to secure the seven-year, fixed-rate loan through HarborOne Bank.
Delivered in July, Sphere features 22 one-bedroom units and 20 two-bedroom units with nine different floorplans at 640 Boston Avenue in Medford on the Somerville/Medford townline. Situated at the foot of the future Ball Square Green Line station, the transit-oriented asset offers residents a real neighborhood (Ball Square) with nearby bakeries, retro diners, pubs, neighborhood restaurants and small shops.
The HFF debt placement team representing the borrower was led by director Martha Nay, with support from director Adam Dunn and analyst Sam Campbell.
HFF also provided $9.3 million in financing for Fairway 28, a 51-unit, luxury mid-rise multi-housing property in Bridgewater, N.J.
The HFF team worked exclusively on behalf of the borrower, Country Classics, to secure the 10-year, fixed-rate loan with a life insurance company. This loan allowed the borrower to take advantage of the capital markets by retiring existing construction loan prior to stabilization and to lock in a low interest rate.
Completed in December 2016, Fairway 28 features 51 one-, two- and three-bedroom luxury apartment units, 11 of which are affordable. Units feature stainless steel appliances, Silestone countertops, faux-wood flooring and in-unit washers and dryers. Community features include a fitness center, clubroom with kitchenette, storage units, outdoor grill and fire pit, children’s play area, pet spa, dog run and one-car garages that include extra storage space.
The property provides access to multiple employment bases, retail options and area amenities via Interstates 78 and 287 and Routes 202, 206, 28 and 22. In addition, Fairway 28 also offers access to Newark and Manhattan via New Jersey Transit’s Raritan Station. The property was in lease-up at the time of closing with 90 percent of the units occupied and has since reached 100 percent occupancy.
The HFF debt placement team representing the borrower included senior managing director Jim Cadranell and associate Matthew Pizzolato.
