Dealmaker: HFF Secures $296M for Multifamily Assets

Holliday Fenoglio Fowler, Houston, arranged first mortgage and mezzanine financing totaling $265 million for Church Park, a 508-unit multifamily community with 74,000 square feet of retail in Boston’s Back Bay. 

HFF Senior Managing Director Frederic Wittmann and Managing Director Greg LaBine led the firm’s debt placement team working for The United Company Apartments LLC, Boston. They secured a $200 million long-term fixed-rate loan from a national insurance company. JP Morgan Asset Management, New York, supplied a $65 million co-terminous mezzanine loan.

Situated on two parcels at 189-277 Massachusetts Avenue and 15-35 Westland Avenue, Church Park earned a 98 walkability score and a 100 Transit Score.

Built in 1973, the property includes a 12-story building and a six-story building. Residential units average 782 square feet. A Whole Foods supermarket anchors the retail space with additional tenants such as CVS, Unleashed, Economy Hardware and Sovereign Bank rounding out the 97 percent-leased rent roll.

“Church Park has undergone continuous renovations and upgrades throughout its history,” LaBine said. “In addition, its retail tenancy allows renters access to most of their shopping needs right on their doorstep. This feature along with the unparalleled location made this an attractive opportunity for the lending community.”

In Los Angeles’ Baldwin Hills neighborhood, HFF Director Marc Schillinger secured $30.8 million for Woodlake Manor, a 276-unit apartment property. 

Working for borrower Vista Investment Group LLC, Los Angeles, HFF placed the seven-year fixed-rate loan with a local commercial bank. VIG paid $44 million for the asset in a separately brokered transaction.

Woodlake Manor at 4555 West Martin Luther King Jr. Boulevard was built in 1964 and had 97.8 percent occupancy at closing. The under-construction Crenshaw/LAX light rail station sits less than one mile from the property. 

“We have seen a dramatic improvement in value proposition for the Baldwin Hills submarket throughout the past five years,” Schillinger said. “Continued strong market fundamentals have catalyzed the neighborhood’s growth and we anticipate the area’s positive evolution to continue in the future.” He cited the sale price of nearly $160,000 per unit as evidence of growing investor appetite for the submarket.