WESTON, MA-A $27 million construction loan was secured for Stonegate at Weston, a 99-unit condominium conversion project at 64 Jericho Lane. The Boston office of Holliday Fenoglio Fowler LP arranged the financing.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.