HFF secures $10M financing for Foxborough, MA multifamily community

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $10 million in financing for Chestnut Green Apartments, (top left photo) a 55-unit multifamily community in Foxborough, Massachusetts.

HFF director Janet Krolman (top right photo) worked exclusively on behalf of Abrams Properties and VinCo Properties in arranging the loan through Wells Fargo Middle Market Real Estate.

The financing was structured as a $7.62 million construction loan and a $2.4 million historic tax credit bridge loan to fund the acquisition and development costs of the property.

Chestnut Green Apartments is located along Chestnut Street in Foxborough and is part of the historic mixed-use redevelopment of the former Foxborough State Hospital campus that will include residential, office, recreation and retail uses.

The property is within close proximity to Interstate Route 95, Gillette Stadium and the Mansfield MBTA Commuter Rail providing service to Boston, 24 miles north.

Upon completion in 2009, Chestnut Green Apartments will have one- and two-bedroom units averaging 1,102 square feet each with 14 of the 55 units designated as affordable units.

Community amenities will include a fitness center, community room, recreational fields, walking trails and on-site storage.

Abrams Properties is a real estate investment and development company focused on the adaptive re-use of historic structures into vibrant residential and commercial communities.

VinCo Properties is a Boston-based real estate development company, which targets the acquisition of undervalued real estate assets and undeveloped land. Since 2001, VinCo Properties has acquired more than 2.5 million square feet of office, medical, biotech, manufacturing, industrial, retail and residential real estate.

Wells Fargo & Company is a diversified financial services company with $622 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally.

Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “AAA” and Standard & Poor’s Ratings Services, “AAA”.

CONTACTS:

Janet N. Krolman, HFF Director, 617 338 0990, jkrolman@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, jmcdowell@hfflp.com