Magazine article Mortgage Banking

CWCapital, Freddie Mac Refinance $130 Million on Church Park

Magazine article Mortgage Banking

CWCapital, Freddie Mac Refinance $130 Million on Church Park

Article excerpt

Needham, Massachusetts-based CWCapital LLC's Boston office provided $130 million to refinance Church Park, a 508-unit mixed-use building in Boston's fine arts and culture district.

Andrew Gnazzo and Michael Darling, vice presidents in CWCapital's agency lending group, originated the 10-year fixedrate loan through Freddie Mac's Capital Markets Execution (CME) program. The loan carries a 5.51 percent interest rate.

Church Park, at 221 Massachusetts Ave., is a 12-story community consisting of a 508-unit class-A apartment building, a six-story parking garage and nearly 71,400 square feet of retail space on the ground level. The property, developed in 1973, is nearly 99 percent leased with strong historical occupancy levels.

Church Park's common area amenities include a penthouse community room with WiFi, full concierge services with a 24-hour doorman and a Whole Foods Market on site.

CAS Financial Advisory Services (CAS FAS), Boston, advised the borrower, Curtis Kemeny, chief executive officer of Boston Residential Group and a principal of Church Park, on the transaction, which included a competitive bidding process. Church Park is the first transaction CWCapital executed with CAS FAS and the borrower. …

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