HFF senior managing director Fred Wittmann and director ColemanBenedict worked on behalf of Boston Residential Group LLC to securethe three-year, adjustable-rate loan through Merrill Lynch Capital.Boston Residential Group is a privately held real estatedevelopment and management company that owns and manages more than1,500 luxury apartment properties in the Boston area.

Stonegate at Weston is situated on 25 acres about 12 miles westof Boston. The property consists of 22 Colonial-style buildings,including one- to three-bedroom townhouse and cape-style units thataverage 1,194 sf. The property has covered parking for 47 cars andsurface parking for 133 cars. The condominium conversion includessite-work improvements, upgrades to the building exteriors, andunit renovations.

"The average home sales price in Weston was $950,000 in 2003,"points out Wittmann. "The units at Stonegate at Weston are going tobe priced in the $350,000 to $750,000 range, which is virtuallyunheard of and should subsequently generate a lot of interest."