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| Rendering of Planned Apartments in Norwood, MA and Norton, MA |
BOSTON, MA –Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged more than $100 million in
financing for two Class A multi-housing developments in Norwood and Norton,
Massachusetts on behalf of a joint venture between Campanelli and Thorndike
Development.
HFF secured a $25 million
construction loan with First Niagara Bank and a $16.8 million mezzanine loan
through Cornerstone Real Estate Advisers, on behalf of an institutional client,
for 274 East Main Street, a 188-unit, Class A multi-housing community in Norton.
Due for completion in
2016, 274 East Main Street is being designed to mimic the feel of a Back Bay
neighborhood with sidewalks, tree lined-streets and public spaces.
Units will be designed with garages on the
first floor accessed through a back alley.
Residents will have access to a community clubhouse, pool, fitness
center, outdoor patio, game room and playground.
The property is located off of Route 495 in
Norton, a suburb about 25 miles southwest of Boston.
This is the second
construction and mezzanine transaction HFF has arranged for the borrower
through First Niagara Bank and Cornerstone.
In late 2014, HFF secured financing totaling $60 million for One Upland,
a 262-unit luxury apartment community slated to open October 2015 in Norwood,
Massachusetts.
The HFF debt placement
team representing the borrower in both transactions was led by managing
director Greg LaBine and real estate
analyst Patrick McAneny.
In these two
transactions, HFF was able to raise 85% and 90% combined non-recourse
construction financing for our client by combining first mortgage and mezzanine
sources for the capitalization.
“ Given this structure,
the borrower was able to keep 100% of the upside of the deal, while having the
comfort that, once stabilized, there would be a way to pay off all of the
construction debt with a permanent first mortgage,” said LaBine.
“First Niagara and Cornerstone worked well
together in navigating a complicated structure.”
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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