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