$32.7 million in financings arranged by HFF for The Atlantic at Marina Bay in Quincy, Massachusetts
BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged financings totaling $32.7 million for the acquisition and condominium conversion of The Atlantic at Marina Bay, a 108-unit multifamily community at Marina Bay in Quincy, Massachusetts.
HFF director Janet Krolman worked on behalf of 10 Seaport Drive Associates, LLC, to secure two financings including a $25 million, two-year, adjustable-rate acquisition/development loan with a 75% loan to cost through Anglo Irish Bank Corporation, plc. In addition, Fidelity Investments provided a $7.7 million, five-year participating mezzanine loan. The borrower is an entity owned by The Abrams Group, LLC, which specializes in the acquisition and development of luxury multifamily and commercial properties in the Greater Boston market.
The Atlantic at Marina Bay is situated on nearly five acres at 10 Seaport Drive in Quincy, six miles south of Boston in the exclusive mixed-use community of Marina Bay. Completed in 2003, the property has six stories of one- and two-bedroom units averaging 1,038 square feet. Units feature walk-in closets, stackable washer/dryers, balconies and views of the ocean or the Boston skyline and community amenities include a pool and clubhouse. The borrower will offer the units for sale “as is” and with two levels of upgrades, including new stainless steel appliances, granite countertops and hardwood flooring in the living areas.
“The Atlantic at Marina Bay has a prime location within Marina Bay, New England’s largest full-service marina and premier waterfront community,” said Krolman. “The acquisition just closed, and already several units are under reservation and there are +/- 70 names on a preferred buyer list. The market response has been phenomenal.”
HFF operates 17 offices nationwide, and in combination with affiliate HFF Securities L.P. is a dominant real estate investment banking firm. HFF offers clients a full range of capital solutions and services including debt, equity, financial advisory, investment sales, note sales and loan servicing. Since 1998, the firm has completed more than $111 billion in transactions in all markets and property types.