Fairstead and Atalaya Capital have closed on the $74 million purchase of Pelham Hall, a mixed-use apartment building in Brookline’s Coolidge Corner neighborhood that was built in 1926.
The transaction was financed through a $63 million acquisition loan and funding facility from lending partner Invesco Real Estate, a global real estate investment manager. The deal was brokered by Simon Butler at CBRE.
“From its historic charm and award-winning restaurant to outstanding access to mass transit and a host of cultural attractions, Pelham Hall has so much to offer renters right in the heart of Coolidge Corner,” said Will Blodgett, Founding Partner of Fairstead.
“We’re excited to partner with Atalaya on this purchase, and we’re thrilled to join the Brookline community. Fairstead looks forward to being part of this wonderful neighborhood for many years to come.”
“Atalaya is excited to partner with Fairstead in the acquisition of Pelham Hall, an iconic, generational asset at the center of all that Brookline and Coolidge Corner have to offer,” said Young Kwon, Atalaya’s Head of Real Estate. We look forward to growing our relationship with Fairstead and continuing to grow our presence in the Boston market.”
In addition to its 148 apartments, Pelham Hall is also the home of FuGaKyu, a Zagat-rated neighborhood institution known for its exceptional Japanese cuisine.
Located at 1284 Beacon Street, Pelham Hall offers access to the greater Boston area as well as attractions including Fenway Park, the Brookline Booksmith, and the birthplace of President John F. Kennedy, as well as top-flight retail, dining and nightlife.
The residences are also within walking distance to the Longwood Medical Area, and close to the graduate schools of Boston University, Boston College, Harvard University and Northeastern University.
Fairstead has been active in New England region. Earlier this month, Fairstead announced Rhode Island’s first community solar project at Echo Valley Apartments, an affordable housing development in West Warwick. The initiative brings renewable energy to a neighborhood where it’s not widely accessible and will lower utility bills for residents.