HFF announces $341 million in construction financing and joint venture equity for development of The St. Regis Residences, Boston in Seaport District

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces $341 million in construction financing and joint venture equity for the development of The St. Regis Residences, Boston, an iconic, luxury waterfront condominium tower located on one of the last remaining developable waterfront parcels in downtown Boston.

The St. Regis Residences          Rendering by  Elkus Manfredi

The HFF team worked as an exclusive advisor to the developer, Cronin Development, to secure $306.5 million in construction financing from JPMorgan Chase Bank, N.A. 

 Additionally, HFF advised Cronin Development in structuring a joint venture equity partnership for $34.5 million with a private equity partner, the JCM Opportunity Fund I, LLC, a subsidiary holding of Joyal Capital Management led by Gary F. Joyal, CEO and managing partner.

Riaz Cassum

With 114 units spread over 22 stories, The St. Regis Residences, Boston features a twisting and angular contemporary design evoking billowing sails in a nod to its nautical location. 

Every single residence in this architecturally significant building offers sweeping views of Boston or Boston Harbor as well as extensive access to outdoor space.

The Residences will also include underground parking, a two-story signature restaurant, five-star amenities and customized services for owners.

The HFF debt and equity advisory team representing the borrower included senior managing director Riaz Cassum, senior director Brett Paulsrud and associate Andrew Gray.

Brett Paulsrud

“The Seaport will now have its first and only truly luxury residential building in the St. Regis Residences thanks to the vision of Jon Cronin and his team,” Cassum said.

“This has been a very exciting project to be a part of,” Paulsrud added.  “With its unique design and location, The St. Regis Residences, Boston will be unlike any residential development ever built in the City, serving as an iconic landmark on the Boston skyline.”

 Founded in 1995, Boston-based Cronin Development is driven by a sustained dedication to world-class design with a community-oriented outlook.

Andrew Gray

With two decades of development success under the leadership of Principal Jon Cronin, the company remains entrepreneurial, disciplined, and steadfast in its mission to develop leading human experiences in residential, commercial and retail environments.

 For more information, visit www.cronindevelopment.com.

 The St. Regis Residences, Boston are not owned, developed or sold by Marriott International, Inc. or its affiliates ("Marriott"). 150 Seaport LLC uses the St. Regis marks under a license from Marriott, which has not confirmed the accuracy of any of the statements or representations made about the project.

Joe Cronin

With nearly thirty years of experience, Joyal Capital Management, LLC represents high-net-worth individuals and family-owned businesses on mergers and acquisitions, financing, private equity, estate planning and family office services. 

The JCM Opportunity Fund I, LLC, JCM’s private equity subsidiary, focuses on QSR franchise and strategic real estate investments.

CONTACTS:

RIAZ CASSUM

HFF Senior Managing Director

(617) 338-0990

rcassum@hfflp.com

BRETT PAULSRUD

HFF Senior Director

(617) 338-0990

bpaulsrud@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com