Boston Conversion Project Lands $160M in Financing
The Archer Residences at Beacon Hill is a redevelopment project of the former Suffolk University Law School buildings, set to bring 70 luxury condominiums to the Beacon Hill neighborhood.
By Beata Lorincz
GTIS Debt Capital Management, a joint partnership of GTIS Partners and GoldenTree Asset Management, together with The Union Labor Life Insurance Co., have closed the $160 million construction financing for The Archer Residences, a luxury condo development in Boston. The joint venture will convert the former Suffolk University Law School buildings into 70 high-end residential units by the end of 2019.
Centrally located in the historic Beacon Hill neighborhood, the property is situated at 33-61 Temple St., near Massachusetts State House and a five-minute walk from Boston Common and the Blue Line’s Bowdoin station. The property is set to provide amenities such as:
- on-site parking
- children’s playroom
- common roof deck
The development team includes Center Court Partners and general contractor Consigli Construction Co. Advisors Living is handling the property’s marketing and sale process. Condos will be available for sale by the end of February 2018.
A luxury condominium community broke ground in Hingham, Mass., last July. The asset is slated to feature 77 units spread over 160,000 square feet.
Image via Google Street View