HFF Arranges First Mortgage and Mezzanine Financing Totaling $265 Million for Church Park in Boston’s Back Bay
September 12 2016 - 4:17PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged first mortgage and mezzanine financing totaling $265
million for Church Park, a 508-unit, luxury multi-housing community
with 74,000 square feet of retail space in Boston’s Back Bay.
HFF worked on behalf of The United Company Apartments LLC, to
secure the $200 million, long-term, fixed-rate loan through a
national insurance company. A $65 million co-terminous mezzanine
loan was arranged by HFF through JP Morgan Asset Management
(JPMAM).
Church Park is situated on two parcels at 189-277 Massachusetts
Avenue and 15-35 Westland Avenue across from the Christian Science
Plaza in the heart of Back Bay. Boasting a Walk Score® of 98, a
Bike Score® of 88 and a Transit Score® of 100, the property
provides residents with easy access to a multitude of cultural
offerings including the Boston Public Library, Symphony Hall and
The Museum of Fine Arts, coupled with first-class retail
destinations along Newbury Street, Copley Place Mall and the
Prudential Center. Additionally, three MBTA Green Line stops and
one MBTA Orange Line stop are within walking distance of Church
Park, and the Massachusetts Turnpike is within minutes of the
property. Originally built in 1973, the property consists of a
12-story building and a six-story building plus 540 parking spaces.
The residential units average 782 square feet each within studio,
one- and two-bedroom layouts. Amenities include 24-hour security,
concierge services, fitness center, roof deck terrace with grills,
community room, laundry facilities, Zip Car services and car
detailing. Whole Foods anchors the retail space with additional
tenants such as CVS, Unleashed, Economy Hardware and Sovereign Bank
rounding out the 97-percent-leased rent roll.
The HFF debt placement team representing the borrower was led by
senior managing director Frederic Wittmann and managing director
Greg LaBine.
“Church Park has undergone continuous renovations and upgrades
throughout its history to give its customers a first-class
residential experience,” said LaBine. “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.”
“It can be challenging to put together a combined capital stack
comprising both a first mortgage and mezzanine, but the lenders
worked well together to make this a seamless execution for the
borrower,” added Wittmann.
“We were pleased to see the level of interest the debt market
showed in Church Park, and appreciate the confidence that the
lenders placed in our management team and this asset,” stated
Curtis Kemeny, CEO and President of Boston Residential Group on
behalf of The United Company Apartments LLC. “This transaction was
a big win for the partnership and an important step in our
long-term stewardship of the property.”
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc.
(NYSE:HF). HFF operates out of 23 offices nationwide and is a
leading provider of commercial real estate and capital markets
services to the U.S. commercial real estate industry. HFF together
with its affiliate HFFS offer clients a fully integrated national
capital markets platform including debt placement, investment
sales, equity placement, advisory services, loan sales and
commercial loan servicing. For more information please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20160912005517/en/
HFFGREG LABINE, 617-338-0990HFF Managing
Directorglabine@hfflp.comorKRISTEN MURPHY, 617-338-0990HFF
Director, Marketingkrmurphy@hfflp.com
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