Boston Residential Group refinances Church Park Apartments with $265 million financing - HFF provides advisory services

Boston, MA Boston Residential Group, long-time owner and manager of Church Park Apartments in the Back Bay, has completed a refinancing of the property in a $265 million transaction that replaces debt financing from Freddie Mac. The deal includes a loan from AIG and mezzanine debt from JP Morgan Asset Management.

Church Park Apartments is a full-service, doorman-served building with modern interior finishes, amenities, and resident services, which has grown in value in the city’s healthy residential market. It features 508 units and 75,000 s/f of retail space, including a Whole Foods, CVS, Santander Bank and Economy Hardware. The 705,000 s/f mixed-use property also has 540 parking spaces.

Church Park Apartments - Boston, MA

“We were pleased at the strong interest the debt market showed in this asset, originally developed 45 years ago, and we appreciate the confidence AIG and JP Morgan have placed in our management team. This transaction is a big win for the partnership,” said Curtis Kemeny, president and CEO of Boston Residential Group.

Holliday Fenoglio Fowler (HFF) advised Boston Residential Group on the transaction.

The building, at the juncture of the Fenway, South End, and Back Bay neighborhoods and a neighbor of Symphony Hall, was designed by The Architects Collaborative, a creative Cambridge team assembled by Walter Gropius and others after World War II.

Built in 1971, Church Park has been renovated and updated over the years, most recently by Stantec, formerly ADD, Inc. It now features a roof deck, exercise room, and bike storage as well as a 24-hour doorman. It has consistently been close to 100 percent occupied.

Boston Residential Group is a privately held, Boston-based real estate development and management company that owns and operates over 3,000 multifamily units representing $1.7 billion in asset value.