PLANO, TX-HFF, working on behalf of sponsor Banner Apartments LLC, obtained $11.85 million in financing for the acquisition of Wellington at Willow Bend. The Chicago-area investor acquired the property from Aspen Square Management in West Springfield, MA.
Located at 3200 Parkwood Blvd., Wellington at Willow Bend is 96.4% occupied and consists of one-, two- and three-bedroom units averaging 909 square feet. "The location of this asset in a desirable neighborhood near award-winning medical facilities and school districts, as well as highly sought after restaurants and retail, made it especially attractive to investors," notes HFF associate director Adam Herrin in a press release.
Herrin, along with HFF managing director Matthew Schoenfeldt and senior real estate analyst Jason Bond, work from HFF's Chicago office, and they represented the borrower in the transaction. The HFF team obtained the 10-year, 3.9% fixed-rate loan through M&T Realty Capital Corporation (FNMA).
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