HFF arranges $14.4 million in financing for The Fremont Lofts in Worcester, Massachusetts
BOSTON, MA – The Boston office of Holliday Fenoglio Fowler, L.P. has arranged a construction loan and mezzanine equity totalling $14.4 million for The Fremont Lofts, a 97-unit condominium conversion redevelopment in Worcester, Massachusetts.
HFF director Janet Krolman and senior real estate analyst Tony Soldi worked on behalf of 160 Fremont Street Associates LLC to secure a construction loan through Anglo-Irish Bank Corporation, PLC and mezzanine financing through Fannie Mae/American Communities Fund.
160 Fremont Street Associates, LLC is a partnership between the Abrams Group and Global Property Developers Corp., A Callahan Company. Construction services are to be provided by Callahan, Inc of Bridgewater, MA.
The Fremont Lofts, due for completion the fourth quarter of 2005, is located on three acres at 160 Fremont Street in Worcester, close to Route 290, Interstate 495, College of the Holy Cross, Clarke University and downtown. Formerly a four-story mill building, the property is being redeveloped into 14 one-bedroom, 73 two-bedroom and 10 three-bedroom units averaging 1,204 square feet. The renovation includes restoration of the brick exterior, new windows, interior rehab, new landscaping and new amenities including hardwood floors and stainless steel appliances. 149 surface spaces and street parking will be available. 26 units have already been pre-sold. There is tremendous sales momentum said Krolman. It’s a real testament to the vision of the sponsors and the quality of the project.
The Abrams Group specializes in the acquisition and development of multifamily and commercial properties in the greater Boston area. Global Property Developers, A Callahan Company is involved in a number of quality residential and mixed-use developments throughout Eastern Mass. Callahan, Inc. is a full-service construction management / general contracting firm. The Callahan family has a proud heritage in the New England construction industry that dates back to 1954. HFF operates 17 offices nationwide, and in combination with an 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 close to $100 billion in transactions in all markets and property types.