BOSTON, Mass.--(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.”
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.