HFF senior managing director Fred Wittmann and director Coleman Benedict worked on behalf of Boston Residential Group LLC to secure the three-year, adjustable-rate loan through Merrill Lynch Capital. Boston Residential Group is a privately held real estate development and management company that owns and manages more than 1,500 luxury apartment properties in the Boston area.
Stonegate at Weston is situated on 25 acres about 12 miles west of Boston. The property consists of 22 Colonial-style buildings, including one- to three-bedroom townhouse and cape-style units that average 1,194 sf. The property has covered parking for 47 cars and surface parking for 133 cars. The condominium conversion includes site-work improvements, upgrades to the building exteriors, and unit renovations.
"The average home sales price in Weston was $950,000 in 2003," points out Wittmann. "The units at Stonegate at Weston are going to be priced in the $350,000 to $750,000 range, which is virtually unheard of and should subsequently generate a lot of interest."
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