Boston Luxury Property Gets $294M
Cronin Development is moving forward with construction of the 22-story, 144-condo project, The St. Regis Residences, Boston, and expects it to be completed by 2020.
Construction has begun on The St. Regis Residences, Boston at 150 Seaport, a 144-unit luxury condominium project proposed by Cronin Development more than two years ago, thanks to $294 million in construction financing provided by JP Morgan and Mack Real Estate.
“This transaction allows us to take the next step towards making The St. Regis Residences, Boston a reality,” Jon Cronin, principal at Cronin Development, said in a prepared statement. “With the start of construction, we expect to deliver 114 exquisite homes in early 2020.”
HFF represented Cronin Development in the transaction. The Sullivan & Worcester team of Ashley Brooks, Victor Baltera, Warren Heilbronner and Joel Carpenter provided counsel to Cronin Development on multiple fronts—from financing to obtaining permits to working with government agencies—to put the deal together.
The 22-story development will be built by John Moriarty & Associates. Elkus Manfredi Architects designed the building, a twisting and angular contemporary design evoking billowing sails in a nod to the project’s waterfront location. Cronin and the architects scrapped the original design after Mayor Marty Walsh encouraged developers to construct more architecturally significant buildings and they came back with the current design that honors the seafaring history of the property.
Harbor View, Five-Star Amenities
Every unit will have extensive views of Boston or Boston Harbor. The building will also include underground parking, a two-story signature restaurant and five-star amenities, including a swimming pool, spa, health club, library and golf simulation room, all exclusive to the condo owners. The luxury condominiums will range from one-bedroom units to penthouse homes. The developer is using the St. Regis name under a license from Marriott International.
The project was unveiled in August 2016, when Cronin Development announced it was building the tower on the site of its two waterfront restaurants—the Atlantic Beer Garden and Whiskey Priest. Located a short distance from downtown and accessible to transit, highway and waterway transportation systems, the site is in one of Boston’s hottest submarkets, the Seaport District.