BOSTON, MA, December 26, 2013 - 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.
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.
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. Amongst a multitude of other public subsidies, Asian CDC has successfully secured tax credit allocations and maintained program compliance for previously awarded projects.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 22 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 www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.
HFF Senior Managing Director
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Source: HFF, Inc. via GlobeNewswire