Cronin Lands $240M for Boston Luxury Condos
Cottonwood Group provided the senior mortgage.
Cronin Development has obtained $240 million for the refinancing of St. Regis Residences, a 114-unit luxury condominium tower in Boston. Cottonwood Group provided the senior mortgage.
Previous property debt includes a $306.5 million construction loan from JPMorgan Chase Bank and a $34.5 million equity partnership with the JCM Opportunity Fund I LLC. In addition, JP Morgan and Mack Real Estate provided another $294 million in construction financing.
Cronin broke ground on the project in 2018 and building came online earlier this year. John Moriarty and Associates served as contractor, while Elkus Manfredi Architects designed the 22-story tower according to LEED Silver standards. Also in 2018, the developer signed a licensing agreement with Marriott International—which was not involved in the project—for the St. Regis-branding of the property.
Residences vary from one-bedroom apartments to multi-bedroom penthouses ranging between 968 and 3,107 square feet. In-unit features include floor-to-ceiling windows, Sub-Zero appliances, polished marble counters and heated floors in master baths.
Community amenities comprise a fitness center, lounge, business center, sports simulator, private bar, a terrace with swimming pool and waterfall edge, along with a spa, sauna and steam room. The building also features two guest suites and a 10,000-square-foot restaurant.
Located at 150 Seaport Blvd., the condo tower is 1 mile from downtown Boston and Faneuil Hall Marketplace, while Boston Logan International Airport is roughly 3 miles northeast. The property is also less than 2 miles from a 168-unit luxury condominium building that opened in November of last year.