HFF arranges $12M construction loan for 154-unit multi-housing community in Stoughton, MA

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

HFF arranges $7.85M financing for 25 Commerce Way in North Andover, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged $7.85 million in financing for 25 Commerce Way (top left photo), a 168,735-square-foot flex industrial building in North Andover, Massachusetts.

HFF directors Greg LaBine (middle  right photo)  and Janet Krolman (bottom left photo) worked exclusively on behalf of the borrower to secure the fixed-rate loan through Salem Five.

The borrower is One Clark Street North Andover LLC. Loan proceeds are being used to refinance existing debt, fund tenant improvements, leasing commissions and cover closing costs.

Situated on 18.5 acres, 25 Commerce Way is located adjacent to the Lawrence Municipal Airport along State Route 125 in North Andover, approximately two miles from Interstate 495.

The single-story building has office, warehouse and manufacturing space and is 82% leased to GarrettCom, Peabody Supply, Comfort Foods and OSI Electronics.

 “This transaction serves as another example of the availability of debt from the local banking community for loans under $15 million.

"HFF received considerable interest for 25 Commerce Way, due to the quality of the sponsorship coupled with the solid cash flow being generated by the multi-tenant property,” said LaBine.

Contacts:

Gregory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com
Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com