Berkadia Secures $211M in Financing for Hancock Village in Chestnut Hill

CHESTNUT HIL, MA—Berkadia reports it has secured a Freddie Mac permanent financing loan totaling $211.25 million for the 676-unit Hancock Village townhome community here.

The 15-year Freddie Mac loan secured on behalf of Chestnut Hill Realty features a 65% loan-to-value ratio and a 30-year amortization schedule. The deal closed on Feb. 28. Berkadia managing director Robert Lipson of Berkadia’s Shrewsbury, NJ office secured the permanent financing on behalf of Chestnut Hill Realty.

“Chestnut Hill Realty had recently renovated a significant portion of the property and Berkadia/Freddie Mac were happy to provide the borrower with a substantial return of the capital invested and allowing for a long-term fixed rate,” Lipson states.

Located on Independence Drive in Chestnut Hill, Hancock Village features one- and two-bedroom townhomes with open floor plans and in-unit washers and dryers, private entrances and private patios. Community amenities include a fitness center and a lounge. Residents are offered regular shuttle service to convenient transportation hubs and the Longwood Medical area.

Berkadia has also reported several other transactions this week. Berkadia’s Seniors Housing & Healthcare group announced $20.27 million of financing for two separate deals. The first was a series of loan closings totaling $15.25 million for a seven-property nursing home portfolio. The second was a $5.02-million loan for an assisted living facility in Louisiana.

Berkadia’s Hotels & Hospitality team reported it had completed the sale of two new assets in Moreno Valley, CA for an undisclosed price. Senior Director Spencer Scott and Managing Director Kyle Stevenson completed the sale of The Residence Inn by Marriott Riverside Moreno Valley and the sale of the Holiday Inn Express & Suites Moreno Valley – Riverside on behalf of Scottsdale-based Glacier House Hotels. Cerritos, California-based Kamla Hotels acquired the hotels on March 4.