Thursday, October 8, 2015

HFF arranges over $100 million in financing for Norwood and Norton, MA multi-housing developments

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 |

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