BROOKLINE, MA—An affiliate of Cleveland, OH-based Visconsi Companies, Ltd. has purchased the 1440 Beacon St. multifamily property for $50.15 million from a joint venture of Westbrook Partners and Nordblom Co.
The sales deal was reported by HFF, which arranged the sale as well as $21.2 million in acquisition financing for the 136-unit apartment building. HFF secured a 15-year, fixed-rate loan for Visconsi Cos. through New York Life Real Estate Investors.
The property is comprised of primarily one-bedroom apartments as well as 32 studio units and includes amenities such as garage parking with direct access, patio area with gas grills and seating areas, and a fitness center. Visconsi has hired Samuels & Associates for property and asset management of its newest asset.
The HFF investment sales team representing the seller was led by director Mark Campbell, senior managing director Coleman Benedict, director Ben Sayles and real estate analyst Jackie Meagher. The HFF debt placement team representing the borrower was led by managing director Greg LaBine.
“1440 Beacon Street is an irreplaceable asset,” HFF's Campbell says. “It offers Green Line access directly in front of the building, the surrounding amenities of the Coolidge Corner neighborhood and proximity to Boston's major economic hubs, all within one of Boston's desirable and affluent communities.”
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