Dealmaker: HFF Arranges $95M for Condos, Retail, Industrial

Holliday Fenoglio Fowler LP arranged financing totaling $95.13 million for a condominium development in downtown Boston; a retail center in Avon, Conn.; and an industrial warehouse in Durham, N.C.

HFF’s Boston office arranged financing totaling $58.7 million to develop 110 Broad Street, a 36-unit, luxury residential condominium development to be built along the Rose Kennedy Greenway in Boston’s Financial District.

HFF worked on behalf of the borrower, New Boston Ventures, to secure a $46 million fixed-rate construction loan through East Boston Savings Bank and $12.7 million in subordinate financing from Canyon Partners Real Estate LLC.

Boulevard on the Greenway will consist of 12 stories featuring 36 for-sale residential units, 3,550 square feet of ground floor retail space and 48 below-grade parking spaces. Designed by architectural firm Finegold Alexander + Associates, Boulevard will showcase one-, two- and three-bedroom units averaging 1,774 square feet each, with five units on the second floor designated as Artist Live/Work Studios. Additionally, it will feature three penthouse units on the 11th and 12th floors with an average size of 3,941 square feet and a residents’ lounge.

The property’s location overlooking the Rose Kennedy Greenway places it at the nexus of Boston’s Financial District within a block of the waterfront, walking distance of of public transportation and provides residents with immediate access to the Southeast Expressway (Interstate 93) and the Massachusetts Turnpike (Interstate 90).

The HFF debt placement team representing the borrower was led by director Brett Paulsrud.

“Boulevard is a unique opportunity for condo dwellers to live adjacent to the most desirable stretch of the Greenway in a newly constructed, boutique luxury building,” Paulsrud said. “Traditionally, such living along the Greenway has only been available in larger, more dated buildings and in small traditional walk-ups in the North End.”

HFF’s Boston office also closed a $29 million sale of and $16.25 million financing for Shops at Nod Brook, a grocery-anchored shopping center in Avon.

HFF represented the seller, Midwood Investment & Development, in the transaction. The buyer is a joint venture between the Wilder Companies of Boston and Principal Real Estate Investors. Principal and Wilder established a programmatic venture to invest in retail properties throughout the New England area. Additionally, the new owner was assisted by HFF in securing a five-year, fixed-rate acquisition loan through a global life insurance company.

Shops at Nod Brook is a 99,788 square-foot shopping center anchored by The Fresh Market, Marshalls and Michaels. The 91.5-percent-leased center also features in-line tenants Top Nail, Music & Arts, Lane Bryant and Great Clips. Located at 315 West Main, Shops at Nod Brook is positioned along the main retail corridor (Route 44) in Avon, 10 miles west of Hartford. Within a three-mile radius of the property are more than 23,000 residents with an average household income of nearly $150,000.

The HFF investment sales team representing the seller was led by senior managing director Jim Koury. HFF’s debt placement team was led by directors Porter Terry and Lauren O’Neil.

In Durham, HFF’s Charlotte, N.C. team secured $7.43 million in financing for 3508 North Tri-Center Boulevard, a 272,396-square-foot industrial warehouse building.

HFF worked on behalf of the borrower, a partnership between Trinity Capital Advisors and SilverCap Partners, to place the floating-rate loan with AloStar Bank of Commerce. Loan proceeds were used to acquire the property and fund capital improvements to execute the borrower’s business plan.

Located west of Research Triangle Park, 3508 North Tri-Center Boulevard is in the RTP/I-40 submarket, the largest industrial submarket in Raleigh-Durham. The property is situated just off Highway 55 with access to Interstates 40 and 540, Highway 147 and Raleigh-Durham International Airport. The warehouse features ESFR sprinkler systems, 180′ truck court depth, 4,500 square feet of office space, 26 cushioned dock-high loading doors and one 14′ wide drive-in-door with the potential to add four additional docks.

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.

“Tenant demand continues to grow in the tightening RTP/I-40 submarket, which now boasts an occupancy north of 95 percent,” Fowler said. “Given the ideal location and the partnership’s strategic business plan, the property is positioned well to benefit from the continued demand.”