Re: Construction at Wellington - Station Landing
[size=+1]Funding secured for mixed-use project in Medford[/size]
Wednesday, February 6, 2008
Boston Business Journal
National Development has secured debt and equity financing from ASB Real Estate Investments through its ASB Allegiance Fund for the mixed-use project called Station Landing.
The amount of the financing package, which was announced and arranged by Holliday Fenoglio Fowler LP (HFF), was not disclosed. A call to National Development's offices in Newton, Mass., was not immediately returned.
HFF also secured a 37-month, adjustable-rate loan through Wachovia Bank NA. A portion of the loan refinanced existing debt on several components of the project with the remainder providing construction financing for additional development. There is an existing loan with Babson Capital Management on the project (originated in 2006) that will remain in place, according to a statement from HFF.
Station Landing is a large, mixed-use project located in Medford, Mass. It includes 292 apartments, retail space, a 50,000 square-foot Boston Sports Club, a 162,000 square-foot office building, a 1,350 space parking garage and a land parcel which is permitted for office, hotel or residential development. The project also includes a 127-unit condominium project called Skyline at Station Landing which opened last June. In November, National Development held an auction to spur sales at Skyline at Station Landing. At the time, 17 of the 127 units were auctioned for sale at a 20 percent to 25 percent discounts or between $300,000 and $400,000.