Back Bay Boston Apartments Obtain $265M in Financing
- Sep 14, 2016
By Dees Stribling
Boston—Church Park, a 508-unit multifamily community with 74,000 square feet of retail space in Boston’s Back Bay, has obtained first mortgage and mezzanine financing totaling $265 million. The property is on two parcels at 189-277 Massachusetts Ave. and 15-35 Westland Ave., across from Christian Science Plaza.
Originally built in 1973, Church Park consists of a 12-story and a six-story asset plus 540 parking spaces. The residential units average 782 square feet each, with studio, one- and two-bedroom layouts.
Common amenities include 24-hour security, concierge services, a fitness center, a roof deck terrace with grills, a 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 rent roll.
The property is also notable for its walkability and as a TOD, or transit-oriented development. It has a Walk Score of 98, a Bike Score of 88 and a Transit Score of 100, and three MBTA Green Line stops and one MBTA Orange Line stop are within walking distance.
HFF, led by senior managing director Frederic Wittmann and managing director Greg LaBine, 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.
“Church Park has undergone continuous renovations and upgrades throughout its history,” said LaBine. “In addition, its retail tenancy allows renters access to most of their shopping needs. This feature, along with the location, made it an attractive opportunity for the lending community.”