Thursday, May 8, 2014

Samuels & Associates and American Realty Advisors Announce Closing on Key Barry’s Corner Parcels Near Downtown Boston, MA

  
 Rendering of Barry’s Corner Residential and Retail Commons
Boston, MA


Kirk Helgeson
 Boston, MA -- Samuels & Associates, a Boston-based real estate development and management firm, its investment partner, Weiner Ventures, and American Realty Advisors, a leading provider of commercial real estate investment management services for institutional investors, announced the completion of project financing for the Barry’s Corner Residential and Retail Commons.

HFF worked on behalf of Samuels & Associates to secure joint venture equity with American and a construction loan through Northwestern Mutual for the project.

The Barry’s Corner development is situated at the intersection of North Harvard Street and Western Avenue, less than five miles west of downtown Boston.

The site will be redeveloped as a LEED Gold Certified mixed-use project for non-academic uses. The project, adjacent to Harvard University’s Allston campus, is the first private development undertaken on Harvard University land in Boston and is subject to a long term ground lease.

The completed project will include 325 rental apartment units, 35,000 square feet of ground floor retail space, approximately180 below grade parking spaces and 40 on-street parking spaces on two new streets created within the project site.

Joel Sklar
It will also include three open spaces within the project and a new park entrance to Smith Field. The new development reflects comprehensive input received during a nearly 18-month process of working collaboratively with the community to identify the best uses, size and scope for the parcel.

American’s EVP/Executive Managing Director, Kirk Helgeson, stated, “We are pleased to inaugurate our partnership with Samuels & Associates on this high profile project. 

"This is a terrific opportunity to invest in a residential and commercial development in a market with strong demand for housing. The proximity to Harvard University and easy access to technology, healthcare and financial services jobs in Cambridge and Boston will mean strong demand for the residential product.

" Barry’s Corner represents the opportunity to develop a quality asset in an outstanding location and create value for our clients over the long term.”

“Our partnership with American Realty Advisors and the closing on this parcel is the culmination of more than 2 years of collaboration with Harvard University and local residents to

Greg Labine
“The capital sources got comfortable with the vision Samuels has with the Barry’s Corner site as it mirrors the successful Trilogy project Samuels developed in the Fenway area a few years back,” said Greg LaBine, HFF managing director and lead on the team representing Samuels. 

“Samuels has a proven track record in creating developments that greatly enhance the neighborhoods in which they are situated. Both American Realty Advisors and Northwestern Mutual worked well together to ensure a smooth closing process in order to expeditiously commence development at the site.”

Site preparation and demolition work is complete and project construction is underway. Residential units will be available August 2015 and the ground floor commercial space is already being actively marketed to potential tenants.


For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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