The borrower, owner and operator Boston Residential Group, was advised by CAS Financial Advisory Services and chose the loan through a "competitive bidding process," according to a release. The release also says that "CWCapital and Freddi Mac offered aggressive loan structuring and were ultimately awarded the deal based on their ability to develop a creative financing solution that enabled the borrower to meet their financial goals."
The long-term loan carries a 5.51% interest rate, financed through CWCaptial's Agency Lending Group, originated by Andrew Gnazzo and Michael Darling, vice presidents in the firm's office here.
Church Park is 12-stories of residential class A apartment space, as well as a six-story parking garage and 71,399 square feet of retail on the ground level. With a 99% occupancy and an on-site Galleria and Whole Foods Market, the property is a steady investment. Donald King, national program director for CWCapital's Fannie Mae and Freddie Mac platform, says in a statement, that the CWCapital "believe[s] the terms and flexibility of the [CME] program have been key in our ability to win some high-quality loans."
Reasons for the refi or the added complications for finding the proper loan were not disclosed. CWCapital, nor Boston Residential returned GlobeSt.com inquiries before deadline.
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