Press Release brought to you by HFF

Over $100 million in financing for Norwood and Norton, Massachusetts, arranged by HFF multi-housing developments


BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged more than $100 million in financing for two Class A multi-housing developments in Norwood and Norton, Massachusetts on behalf of a joint venture between Campanelli and Thorndike Development.

HFF secured a $25 million construction loan with First Niagara Bank and a $16.8 million mezzanine loan through Cornerstone Real Estate Advisers, on behalf of an institutional client, for 274 East Main Street, a 188-unit, Class A multi-housing community in Norton.  Due for completion in 2016, 274 East Main Street is being designed to mimic the feel of a Back Bay neighborhood with sidewalks, tree lined-streets and public spaces.  Units will be designed with garages on the first floor accessed through a back alley.  Residents will have access to a community clubhouse, pool, fitness center, outdoor patio, game room and playground.  The property is located off of Route 495 in Norton, a suburb about 25 miles southwest of Boston.

This is the second construction and mezzanine transaction HFF has arranged for the borrower through First Niagara Bank and Cornerstone.  In late 2014, HFF secured financing totaling $60 million for One Upland, a 262-unit luxury apartment community slated to open October 2015 in Norwood, Massachusetts.

The HFF debt placement team representing the borrower in both transactions was led by managing director Greg LaBine and real estate analyst Patrick McAneny.

“In these two transactions, HFF was able to raise 85% and 90% combined non-recourse construction financing for our client by combining first mortgage and mezzanine sources for the capitalization.  Given this structure, the borrower was able to keep 100% of the upside of the deal, while having the comfort that, once stabilized, there would be a way to pay off all of the construction debt with a permanent first mortgage,” said LaBine.  “First Niagara and Cornerstone worked well together in navigating a complicated structure.”

About Campanelli
Established in 1947, Campanelli is a third generation, full-service commercial real estate development and acquisition company with extensive experience in the industrial, office, medical office, warehouse/distribution, retail, educational and cold storage markets.  Campanelli began building homes during WWII and transitioned from residential to commercial real estate in the 1960’s.  The team, known for their seamless ability to work with their clients and act as the “real estate division” of a company, has developed 11 business parks in Massachusetts, over 20 million square feet across the nation and provided international development consulting and site selection services.  The company’s signature capabilities include land development, design and build, redevelopment and value-added acquisitions.  It is Campanelli’s all-encompassing and quality services that have led to its successful track record as a highly-regarded developer; from site selection, feasibility analysis, local, state and federal permitting, to architectural and engineering design, building construction and facilities and property management.  For more information, visit the new website at

About Thorndike
Thorndike Development Corporation has been continuously building neighborhoods in Southeastern Massachusetts for the past thirty years.  Thorndike has built and sold more than 1,000 homes and is the recipient of more than thirty national and regional awards for excellence, including six national awards from the National Association of Home Builders in which its particular entry was declared Best in the Nation.  In 2014, Thorndike was ranked among the top ten homebuilders in the Great Boston Metro Area by Builder Magazine. For more information, visit

About Cornerstone
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit

About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 390 branches, $39 billion in assets, $28 billion in deposits, and approximately 5,400 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts.  For additional information on First Niagara, visit us at, follow us on Twitter @FirstNiagara, or like us on Facebook at FirstNiagaraBank.

About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.  HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit or follow HFF on Twitter @HFF.

09/21/2015 - 18:00



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