X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market and more on the debt and equity markets.)

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.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.