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| Riaz Cassum |
BOSTON, MA – HFF announced it has arranged $14.8 million in
financing for Madison Place, a 96-unit, recently-completed multi-housing
community in Shrewsbury, Massachusetts.
HFF
worked on behalf of Westborough, MA-based Madison Place, LLC., Robert Moss,
Manager to secure the seven-year,
fixed-rate loan through Boston Private Bank & Trust. The proceeds were used to pay off the
original construction financing.
Completed in early 2012, Madison Place features one- and two-bedroom
units ranging from 857 square feet to 1,118 square feet with modern finishes
such as granite countertops, GE Energy Star stainless steel appliances, 9 ft.
ceilings throughout and in-unit washer/dryers.
The three-story building offers residents an outdoor picnic
and grill area, and playground. The
property is located directly off Route 9 at 900 Madison Place, close to
Interstate 290 about 30 miles west of downtown Boston.
The HFF team representing the borrower was led by senior
managing director Riaz Cassum, director Porter Terry and senior
real estate analyst Martha Henderson.
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| Porter Terry |
“Moss had the vision to acquire the site and begin
construction in 2010. Further, the
thoughtful design and quality execution by Moss has resulted in Madison Place
staying effectively full since its opening along with a robust level of lender
interest in the permanent financing,” said Cassum.
Madison Place, LLC
is currently completing a 168-unit luxury apartment community called Madison
Place Southborough located off of
Routes 9 and 495 in Southborough MA.
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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