HFF arranges $58.7 million in construction financing for Boulevard on the Greenway, a luxury condominium development along Boston’s Rose Kennedy Greenway
BOSTON, MA – July 18, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing totaling $58.7 million for the development of 110 Broad Street, a 36-unit, luxury residential condominium development to be built along the Rose Kennedy Greenway in Boston’s Financial District.
HFF worked on behalf of the borrower, New Boston Ventures, to secure a $46 million fixed-rate construction loan through East Boston Savings Bank and $12.7 million in subordinate financing from Canyon Partners Real Estate LLC.
Boulevard on the Greenway (Boulevard), located at 110 Broad Street, will consist of 12 stories featuring 36 for-sale residential units, 3,550 square feet of ground floor retail space and 48 below-grade parking spaces. Designed by award-winning architectural firm, Finegold Alexander + Associates, Boulevard will showcase one-, two- and three-bedroom units averaging 1,774 square feet each, with five units on the second floor designated as Artist Live/Work Studios. Additionally, there will be three exclusive penthouse units on the 11th and 12th floors with an average size of 3,941 square feet, and an exclusive residents’ lounge. The property’s location overlooking the Rose Kennedy Greenway places it at the nexus of Boston’s Financial District within a block of the waterfront, walking distance of virtually all means of public transportation, and provides residents with immediate access to the Southeast Expressway (Interstate 93) and the Massachusetts Turnpike (Interstate 90).
The HFF debt placement team representing the borrower was led by director Brett Paulsrud.
“Boulevard is a unique opportunity for condo dwellers to live adjacent to the most desirable stretch of the Greenway in a newly constructed, boutique luxury building. Traditionally, such living along the Greenway has only been available in larger, more dated buildings and in small traditional walk-ups in the North End,” said Paulsrud. “The property will combine excellent views of the Greenway and waterfront with an unrivaled amenity base. Boulevard will be met with exceptional buyer demand.”
About New Boston Ventures
New Boston Ventures is a South End-based residential real estate developer, founded in 1986. Having developed more than 50 projects throughout eastern Massachusetts, the firm brings extensive knowledge and residential development experience to the project. Every new construction and renovation project undertaken by the company, including those developed during the depressed real estate markets of the late ‘80s and 2007-2009 has been successfully financed, completed, marketed and sold. For more information about New Boston Ventures visit www.newbostonventures.com or www.theboulevardboston.com.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6 billion of capital in over 235 commercial real estate and mortgage transactions with a total capitalization of $16 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages over $20.5 billion of assets. For more information about Canyon, visit www.canyonpartnersrealestate.com.
About East Boston Savings Bank
East Boston Savings Bank (EBSB) is a Massachusetts $3.5 billion asset-sized chartered stock savings bank that operates 30 full-service branches in the greater Boston metropolitan area. The bank’s primary market consists of Essex, Middlesex and Suffolk counties, Massachusetts. As a long-time commercial real estate lender, the experienced and diverse lending teams offer flexible financial options for loans up to $50 million. For more information about EBSB, visitwww.ebsb.com/big.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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 hfflp.com or follow HFF on Twitter @HFF.