BOSTON–Holliday Fenoglio Fowler, L.P. announced that it has secured financing for CityView at Longwood, a 289-unit apartment high-rise in Boston’s Longwood Medical Area.
Working on behalf of the borrower, a joint venture between Jefferson Apartment Group and LaSalle Investment Management, HFF placed the floating-rate acquisition loan with a Brookfield-sponsored real estate debt fund and ING Capital LLC.
CityView at Longwood is located at 75 St. Alphonsus Street in the Longwood Medical Area, one of the premier medical clusters in the world with 15.5 million square feet of dedicated medical research and treatment facilities, including three teaching hospitals affiliated with Harvard Medical School.
With a Walk Score® of 93, the apartment community is just one block from the MBTA Green Line and within walking distance of the Orange Line providing direct access to downtown Boston. Additionally, the Fenway neighborhood with an abundance of dining, entertainment and night life options is less than one mile from CityView at Longwood.
Originally built in the 1970’s, the 20-story tower offers studio, one-, two- and three-bedroom units that are currently 95% leased. Property amenities include a pool, fitness center, resident lounge, laundry room and two-story parking deck with 185 spaces. The borrower plans to implement a renovation program, substantially upgrading unit interiors, creating a new resident experience and significantly elevating the quality of resident amenities, and adding new amenities, which may include penthouse outdoor rooftop space.
The HFF debt placement team was led by senior managing directors Riaz Cassum and John Rose and senior director Jennifer Keller.
Jefferson Apartment Group (“JAG”) is a full-service real estate firm specializing in multifamily and mixed-use real estate investments through acquisition, development, construction, and property management services. JAG focuses on urban, transit-oriented assets located in high barrier-to-entry markets on the East Coast. The firm is committed to creating and managing communities that are high quality, innovative and environmentally responsible.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $65 billion of assets in private and public real estate property and debt investments as of Q1 2019. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 53,000 employees offer retail and wholesale banking services to customers in over 40 countries. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).