BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced the $15 million construction take-out, permanent financing for Sphere, a brand-new, 42-unit luxury multi-housing building in Medford, Mass.
The HFF team worked on behalf of the borrower, Dark Horse Capital Partners, to secure the seven-year, fixed-rate loan through HarborOne Bank.
Delivered in July 2017, Sphere features 22 one-bedroom units and 20 two-bedroom units with nine different floorplans located at 640 Boston Avenue in Medford on the Somerville/Medford townline.
Situated at the foot of the future Ball Square Green Line station, the transit-oriented asset offers residents a real neighborhood (Ball Square) with stress-free living, nearby bakeries, retro diners, pubs, neighborhood restaurants and small shops.
Sphere is within five minutes of the community bike path that links the property to nearby neighborhoods, including Davis Square, Porter Square, and Arlington Center, among others. Additionally, Interstate 93 is a few blocks from the property providing vehicular access to Boston and the surrounding suburbs.
The HFF debt placement team representing the borrower was led by director Martha Nay, with support from director Adam Dunn and analyst Sam Campbell.
“Sphere is an exceptional product in a highly desirable, transit-oriented location,” Nay said. “Ball Square is in the midst of a transformation, and Sphere’s success is a testament to what’s to come. Dark Horse and HarborOne performed flawlessly throughout this very successful transaction, and it has been a pleasure working with both parties toward a strong outcome.”
Dark Horse Capital Partners is a real estate development and consulting firm focused primarily on sustainable, urban, transit oriented development.