DEAL OF THE DAY: HFF arranges $12M Construction Loan through Bank for Wood Partners’ Apartment Project
The Boston office of HFF (Holliday Fenoglio Fowler LP) arranged a $12 million construction loan for Alta at Indian Woods Apartments, a 154-unit, to-be-built multi-housing community in Stoughton, Mass.
Stoughton, Mass.– The Boston office of HFF (Holliday Fenoglio Fowler LP) arranged a $12 million construction loan for Alta at Indian Woods Apartments, a 154-unit, to-be-built multi-housing community in Stoughton, Mass.
HFF director Anthony Cutone worked on behalf of the borrower, Wood Partners LLC, to secure the loan through Wainwright Bank & Trust Co., a leading socially progressive bank. Wood Partners is a national multi-housing real estate firm that develops, constructs and acquires multi-housing rental and for-sale condominiums. 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, Mass.
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, barbeque area with gas grills and a business center. As a 40B project, 25 percent 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, about 20 miles southwest of downtown Boston.
Wainwright Bank is headquartered in Boston with assets of more than $1 billion and 12 branches throughout Greater Boston. Over 50 percent 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.