Jones Lang LaSalle’s Capitalhas secured $98 million in senior financing for the acquisition of the 1,020-unit Jefferson Hills in the Boston submarket of Framingham, Mass. Greystar financed the purchase with a loan from Freddie Mac’s Capital Markets Execution program.
Jones Lang LaSalle’s Executive Managing Director Tom Fish, Managing Director Faron Thompson and Vice President Catherine Justice led the financing efforts.
“Once again, Greystar’s sponsorship provided an extremely compelling case for lenders interested in Jefferson Hills’ irreplaceable location and its significant upside,” said Fish in a prepared statement. “Through the combination of a talented organization, discretionary capital, and Freddie Mac as a lender, Greystar has positioned themselves to be one of the most efficient and reliablebuyers in the market.”
Jefferson Hills is located at 1610 Worcester Road in Boston’s MetroWest office market, just 30 minutes from Boston. The property, which was originally developed between 1974 and 1976, and was renovated from 1998 to 2008, consists of four six-story mid-rise apartment buildings. Amenities include a clubhouse with a fitness center, business center and resident lounge; tennis, basketball and volleyball courts; and a resort-style swimming pool with sundeck. It is currently 95 percent leased.