Friday, January 16, 2015

HFF closes $50.15 million sale of and arranges $21.2 million financing for Brookline, MA multi-housing building


 1440 Beacon Street Apartments, Coolidge Corner Neighborhood, Brookline, MA

Coleman Benedict
BOSTON, MA – HFF announced it has closed the $50.15 million sale of and arranged $21.2 million in acquisition financing for a 136-unit multi-housing building in Brookline, Massachusetts.

                HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Company. 

  An affiliate of Visconsi Companies, Ltd. purchased the property and will employ Samuels & Associates for property and asset management.

 Additionally, HFF secured a 15-year, fixed-rate loan for Visconsi Companies through New York Life Real Estate Investors. 

                The property is located at 1440 Beacon Street in the Coolidge Corner neighborhood of Brookline, approximately 4.2 miles west of downtown Boston. 

  The transit-oriented multi-housing community has direct access to the MBTA’s (Massachusetts Bay Transit Authority) Green Line, which provides easy access for residents to Boston’s Back Bay, Financial District and Cambridge. 

Ben Sayles
The building is comprised of primarily one-bedroom apartments as well as 32 studio units and includes amenities such as garage parking with direct access, patio area with gas grills and seating areas, and fitness center.

                The HFF investment sales team representing the seller was led by director Mark Campbell, senior managing director Coleman Benedict, director Ben Sayles and real estate analyst Jackie Meagher.

                The HFF debt placement team representing the borrower was led by managing director Greg LaBine.

                “1440 Beacon Street is an irreplaceable asset,” Campbell said.  “It offers Green Line access directly in front of the building, the surrounding amenities of the Coolidge Corner neighborhood and proximity to Boston’s major economic hubs, all within one of Boston’s desirable and affluent communities.”

Regarding the sale, he added, “It was a pleasure to work on a transaction involving groups of such high caliber.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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