Capmark Loans $32M for Plainville Apartments

PLAINVILLE, MA-A 10-building, 399-unit apartment complex here has received $32.2 million to facilitate the purchase by Chestnut Hill Realty and to allow for a series of capital improvements. Capmark Finance Inc. of Horsham, PA provided the loan to support CHR's $41-million investment. The note matures in 2019.

The 23-acre property at 71 Messenger St. was acquired by CHR this autumn from Fairfield Residential of San Diego, which had owned Colonial Village since buying it for $35 million in 2004. CHR has since implemented several changes to the property, including a new name that has recast the development as Village Green. The acquisition from Fairfield was initially reported by GlobeSt.com in October.

Efforts to contact Capmark and CHR officials before press deadline were unsuccessful, but in a prior interview just after the sale was completed, a CHR principal told GlobeSt.com that the firm planned to modernize Village Green through a dedicated improvements campaign. Apartments at the complex rent from $700 to $1,300 per month depending on the size of the unit and other elements. Features include wall-to-wall carpeting, dishwashers and balconies, while larger apartments offer upwards of 900 sf of space. The complex has a fitness center, laundry facilities and swimming pools.

Based in Chestnut Hill, MA, CHR is a veteran of the Greater Boston real estate market, having been in business since 1969. The firm today owns more than 3,500 housing units and 250,000 sf of commercial and retail space throughout Massachusetts and into Rhode Island. The company owns nearly two dozen residential properties, including Brattle Arms in Cambridge; Ridgecrest Village in Boston's West Roxbury neighborhood; and St. Paul Gardens in Brookline. Simon Butler and Biria St. John of Cushman & Wakefield negotiated the purchase of 71 Messenger St. from Fairfield.