BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $12 million construction loan for Alta at Indian Woods Apartments, a 154-unit, to-be-built multi-housing community in Stoughton, Massachusetts.
HFF director Anthony Cutone worked on behalf of the borrower, Wood Partners, LLC, to secure the loan through Wainwright Bank & Trust Company.
Wood Partners is a national multi-housing real estate firm that develops, constructs and acquires high-quality multi-housing rental and for-sale condominiums throughout the United States.
The local director for Wood Partners is Richard Dickason, who has been in the multi-housing industry for 25 years and leads the New England office in Concord, Massachusetts.
Due for completion in July 2011, Alta at Indian Woods Apartments will have one-bedroom/one-bath and two-bedroom/two-bath units averaging 865 square feet each. Community amenities will include a clubhouse with fitness center, clubroom, bbq area with gas grills and business center. As a 40B project, 25% of the units will be affordable to persons of low and moderate income. Alta at Indian Woods is situated on an 8.6 acre site along Washington Street (Route 138) in Stoughton, approximately 20 miles southwest of downtown Boston.
Wainwright Bank (NASDAQ: WAIN), a leading socially progressive bank, is headquartered in Boston with assets of more than $1 billion and 12 branches throughout Greater Boston. Over 50% of the bank’s commercial lending portfolio is dedicated to community development initiatives including affordable housing, homeless shelters, HIV/AIDS services, community health centers, and environmental protection to name a few. http://www.wainwrightbank.com/.
Contacts:
Anthony Cuton, HFF Director, 617) 338-0990, acutone@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, ( (713) 852-3500, krmurphy@hfflp.com
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