Chestnut Hill Realty Lands $211M for Boston-Area Community

The loan will be used to refinance its 789-unit townhome community just west of downtown.

Hancock Village. Image via Google Street View

Chestnut Hill Realty has landed $211 million in permanent refinancing for Hancock Village, its 789-unit Boston-area townhome community. Berkadia arranged the 15-year Freddie Mac loan on behalf of the owner.

The property was subject to a $155 million loan in December 2018 from Citibank, according to data from Yardi Matrix. Situated in the Chestnut Hill neighborhood of Boston, Hancock Village is located 6 miles west of the downtown area.

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Originally built in 1948, a significant portion of the property was recently renovated by Chestnut Hill. The community features a mix of one- and two-bedroom townhomes that average 922 square feet in size. Apartments feature in-unit washers and dryers, private entrances and private patios. Community amenities at the property include a fitness center and a lounge, while a regular shuttle service to transit hubs and the Longwood Medical area is provided to residents as well. 

Two years ago, Chestnut Hill sold a 17-unit community in Cambridge, Mass., within walking distance of The Harvard University Campus and the Massachusetts Institute of Technology to an entity associated with Anwar Faisal for $11.9 million. The same year, Chestnut Hill was named one of the top multifamily owners in Boston, owning and operating 14 properties with a total of 3,700 units. 

In January, Mesirow Financial sold a 212-unit luxury community in suburban Boston for $101.7 million to GID. Mesirow had acquired the Class A property from Wood Partners in April 2016 for $80 million.

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