United Company Apartments has secured $265 million in first mortgage and mezzanine financing secured by its mixed use property Church Park. The property is on two parcels at 189-277 Massachusetts Ave. and 15-35 Westland Ave., across from Christian Science Plaza in Boston’s Back Bay. Originally built in 1973, Church Park consists of a 12-story and a six-story asset plus 540 parking spaces. With 508 residential units averaging 782 sqf each, the property consists of studio, one- and two-bedroom layouts. Whole Foods anchors the retail space, with additional tenants such as CVS, Unleashed, Economy Hardware and Sovereign Bank rounding out the rent roll.
Holliday Fenoglio Fowler, led by senior managing director Frederic Wittmann and managing director Greg LaBine, worked on behalf of the borrower to secure the $200 million long-term, fixed-rate loan through a national insurance company. A $65 million co-terminous mezzanine loan was arranged by HFF through JP Morgan Asset Management. “Church Park has undergone continuous renovations and upgrades throughout its history,” said Greg LaBine, HFF. “In addition, its retail tenancy allows renters access to most of their shopping needs. This feature, along with the location, made it an attractive opportunity for the lending community.”
