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| Church Park Apartments, 189-277 Massachusetts Avenue and 15-35 Westland Avenue Back Bay Neighborhood, Boston, MA |
BOSTON, MA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it
has arranged first mortgage and mezzanine financing totaling $265 million for
Church Park, a 508-unit, luxury multi-housing community with 74,000 square
feet of retail space in Boston’s Back Bay.
HFF worked on behalf of
The United Company Apartments LLC, to secure the $200 million, long-term,
fixed-rate loan through a national insurance company. A $65 million co-terminous mezzanine loan was
arranged by HFF through JP Morgan Asset Management (JPMAM).
Church Park is situated on
two parcels at 189-277 Massachusetts Avenue and 15-35 Westland Avenue across
from the Christian Science Plaza in the heart of Back Bay.
Boasting a Walk Score® of
98, a Bike Score® of 88 and a Transit Score® of 100, the property provides
residents with easy access to a multitude of cultural offerings including the
Boston Public Library, Symphony Hall and The Museum of Fine Arts, coupled with
first-class retail destinations along Newbury Street, Copley Place Mall and the
Prudential Center.
Additionally, three MBTA Green Line stops and
one MBTA Orange Line stop are within walking distance of Church Park, and the
Massachusetts Turnpike is within minutes of the property. Originally built in 1973, the property
consists of a 12-story building and a six-story building plus 540 parking
spaces.
The residential units
average 782 square feet each within studio, one- and two-bedroom layouts. Amenities include 24-hour security, concierge
services, fitness center, roof deck terrace with grills, community room,
laundry facilities, Zip Car services and car detailing. Whole Foods anchors the retail space with
additional tenants such as CVS, Unleashed, Economy Hardware and Sovereign Bank
rounding out the 97-percent-leased rent roll.
The HFF debt placement
team representing the borrower was led by senior managing director Frederic Wittmann and managing director
Greg LaBine.
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| Greg LaBine |
“Church Park has undergone
continuous renovations and upgrades throughout its history to give its
customers a first-class residential experience,” said LaBine.
“In addition, its retail tenancy allows
renters access to most of their shopping needs right on their doorstep. This feature along with the unparalleled
location made this an attractive opportunity for the lending community.”
“It can be challenging to
put together a combined capital stack comprising both a first mortgage and
mezzanine, but the lenders worked well together to make this a seamless
execution for the borrower,” added Wittmann.
“We were pleased to see
the level of interest the debt market showed in Church Park, and appreciate the
confidence that the lenders placed in our management team and this asset,”
stated Curtis Kemeny, CEO and
President of Boston Residential Group on behalf of The United Company
Apartments LLC.
“This transaction was a
big win for the partnership and an important step in our long-term stewardship
of the property.”
For a complete
copy of the company’s news release, please contact:
Kristen Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax
617.338.2150 | www.hfflp.com
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