BOSTON, MA - January 13, 2014 – HFF announced today that 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.
“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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.
News Source : HFF arranges $14.8 million financing for Madison Place in Shrewsbury, Massachusetts