BOSTON, MA - HFF announced today that it has secured financing for Station Landing, a “new urbanism” mixed-use project with residential, retail and office components in Medford, Massachusetts.
HFF worked on behalf of the borrower, National Development and ASB Capital Management, Inc. to secure three separate loans. A fixed-rate loan was placed with Cornerstone Real Estate Advisers for the residential and retail portion, which includes Arborpoint @ Station Landing, 75 Station Landing and the Boston Sports Club facility. Cambridge Savings Bank provided the adjustable-to-fixed-rate loan for the office portion of the project and Middlesex Bank provided financing for the 1,982-space parking garage.
Station Landing includes: Arborpoint @ Station Landing, which has 292 luxury apartments, 67,017 square feet of retail and a 4,863-square-foot retail outparcel leased to Kelly’s Roast Beef; 75 Station Landing, which was completed in 2009 and has 168 Class A apartments plus 8,594 square feet of retail leased to Margarita’s Restaurant; a 50,000-square-foot Boston Sports Club; a 161,983-square-foot office building at 101 Station Landing; and a 1,982-space parking garage. Located at the intersection of Routes 28 and 16 at Wellington Circle, Station Landing is adjacent to the Wellington MBTA Station in Medford, five miles north of downtown Boston and just east of Interstate 93.
The HFF team representing National Development and ASB Capital Management, Inc. was led by senior managing director Fred Wittmann and senior real estate analyst Porter Terry.
National Development is a Massachusetts-based development company that focuses on the development of master-planned residential communities as well as other commercial real estate. National Development has developed over 20 million square feet of space in the New England area.
ASB Real Estate Investments, an ASB Capital Management LLC company (ASB), headquartered in Bethesda, Maryland, is among the largest and oldest institutional money management firms in the Washington metropolitan area. ASB Real Estate Investments invests in communities nationwide that have strong economic foundations and which possess solid potential for growth.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.