SHREWSBURY, N.J. – March 12, 2020 – Berkadia today announced the financing secured for Hancock Village, a townhome community in Chestnut Hill, Massachusetts. Managing Director Robert Lipson of Berkadia’s Shrewsbury, New Jersey office secured the $211.25 million in permanent refinancing for the property on behalf of Chestnut Hill Realty. The deal closed February 28.
The 15-year Freddie Mac loan features a low fixed interest rate, a 65 percent loan-to-value ratio and a 30-year amortization schedule following a substantial interest only period.
“We are very proud to continue the longstanding relationship between the borrower, Berkadia and Freddie Mac,” said Lipson. “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.”
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.