Holliday Fenoglio Fowler, L.P. (HFF) has arranged a $62.3 million construction loan for The Residences at Fresh Pond, a 428-unit, class A multi-housing development.
HFF worked on behalf of the borrower, O'Connor Capital Partners, to secure the four-year, fixed-rate loan through RBS Citizens. The loan has one 12-month extension option.
The Residences at Fresh Pond will be built in two phases. Phase one will have 260 units and 251 parking spaces, and phase two will have 168 units and 151 parking spaces. The one and two-bedroom units will average 873 s/f. Community amenities will include a swimming pool, roof deck lounge, bocce court, fitness center, movie theatre, community club room and internet lounge. The Residences at Fresh Pond is located at 70 Fawcett St. near the Alewife MBTA station and the Fresh Pond Reservation area.
The HFF team representing O'Connor Capital was led by senior managing director Riaz Cassum.
O'Connor Capital is a privately held, independent real estate investment, management and development firm.
OCP concentrates its efforts on making direct investments in high-quality assets in major metropolitan markets in North America. OCP is recognized as one of the foremost real estate investors and investment advisors in the U.S. Over its 25 year history, the firm has acquired or developed more than $20 billion of properties across the U.S., Europe and Latin America and has over 50 institutional clients.