HFF secures joint venture equity and debt financing for Station Landing in Medford, Massachusetts

The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured joint venture equity and debt financing for Station Landing, a “new urbanism” mixed-use project in Medford, Massachusetts.

HFF senior managing director Frederic Wittmann and real estate analyst Carlos Febres-Mazzei worked on behalf of National Development to arrange joint venture equity for the project with ASB Real Estate Investments, through its ASB Allegiance Fund. HFF also secured a 37-month, adjustable-rate loan through Wachovia Bank, NA. A portion of the loan refinanced existing debt on several components of the project with the remainder providing construction financing for additional development. There is an existing loan with Babson Capital Management on the project (originated by HFF in 2006) that will remain in place.

Station Landing is a master-planned project that includes 292 Class A apartments, street-level retail space, a 50,000-square-foot flagship Boston Sports Club, a 162,000-square-foot office building, a 1,350-space parking garage and an entitled land parcel. Future development includes an additional 166 luxury apartments (Phase V) and a seven-story expansion to the existing parking garage. An additional development parcel is permitted for office, hotel or residential use. Located at the intersection of Routes 28 and 16 at Wellington Circle, Station Landing is adjacent to the Wellington MBTA Station in Medford, five miles north of downtown Boston and just east of Interstate 93.

National Development is a Massachusetts-based development company that focuses on the development of master-planned residential communities as well as other commercial real estate. National Development has developed over 15 million square feet of space in the New England area.

ASB Real Estate Investments, an ASB Capital Management LLC company (ASB), headquartered in Bethesda, Maryland is among the largest and oldest institutional money management firms in the Washington metropolitan area. ASB Real Estate Investments invests in communities nationwide that have strong economic foundations and which possess solid potential for growth.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

Contacts: FREDERIC E. WITTMANN LAURIE FISH MCDOWELL
HFF Senior Managing Director HFF Associate Director, Marketing

(617) 338-0990 (617) 338-0990

fwittmann@hfflp.com lmcdowell@hfflp.com