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| One Greenway rendering planned along southern end of Rose Kennedy Greenway in Boston's Chinatown neighborhood |
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| Riaz A. Cassum |
BOSTON, MA – HFF announced today that it has arranged $114.7
million in financing for One Greenway, a to-be-built, Class A
multi-housing property located along the southern end of the Rose Kennedy
Greenway in Boston’s Chinatown neighborhood.
HFF
worked on behalf of the borrower, an affiliate of New Boston Fund, Inc., Urban
Strategy America Fund LP, and the Asian Community Development Corporation to
secure the $104 million construction loan through PNC Bank, People’s United
Bank, and Boston Private Bank & Trust.
HFF also arranged a $10.7 million equity investment from
National Real Estate Advisors.
Due for completion in Summer 2015, One
Greenway’s North Building will consist of the following components: a 21-story, 217-unit market-rate
rental unit tower portion, a 10-story, mid-rise portion with 95 affordable-rate
rental units, a 135-space, below-grade parking garage, and approximately 3,300
square feet of retail and 5,000 square feet of community space.
Also included in the development is a new 1/3 of an acre
public park. The 1.5-acre site is
located at the intersection of Kneeland and Hudson Streets adjacent to the Rose
Kennedy Greenway and close to the Financial District and South Station.
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| Porter Terry |
The
HFF team representing the borrower was led by senior managing director Riaz
Cassum and director Porter Terry.
“HFF
was thrilled to be involved with One Greenway given the transformative nature
of this development,” said Cassum. “It
took a tremendous amount of effort and coordination to bring together the
various capital sources for the project.”
Founded in 1993, New Boston is a
real estate investment management firm based in Boston, MA that manages more
than $1.2 billion in private equity capital on behalf of high net worth and
institutional investors.
With nearly
$3.5 billion in cumulative investment and development activity through eight
successful private equity real estate funds, New Boston's value-added
investment strategies focus on middle market investment opportunities in the
Eastern United States.
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| Rose Kennedy Greenway park, Boston, MA |
Asian
CDC is a nonprofit developer that specializes in affordable housing
development, having built over $110 million of real estate in the Downtown and
Greater Boston area over the last 24 years.
The firm has experience taking complex, mixed-use development proposals
through multi-agency, multiple stakeholder public approval processes.
Among a multitude of other public
subsidies, Asian CDC has successfully secured tax credit allocations and
maintained program compliance for previously awarded projects.
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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