New Boston Fund, Asian CDC Land Financing for Mixed-Income Development in Boston
New Boston Fund and Asian Community Development Corp. land $114.7 million via HFF for a mixed-income development in Boston's Chinatown.
By Keith Loria, Contributing Writer
Boston—New Boston Fund Inc. has teamed with Asian Community Development Corp. on the financing and ground lease for One Greenway, a to-be-built, 362-unit mixed-income Class A property located along the southern end of the Rose Kennedy Greenway in Boston’s Chinatown neighborhood.
“We’re excited that full construction activities are underway at One Greenway thanks to our public and private sector partners,” says Sean Sacks, vice president of development at New Boston Fund. “We’re seeing a tremendous amount of development activity during this period of transition all around Boston, and we’re proud to bring this block of Chinatown back to life while also retaining the character of the neighborhood and former mixed use of this parcel for homes and small businesses.”
HFF has arranged $104 million in financing for the deal 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.
When completed in the summer of 2015, One Greenway’s North Building will consist of a 21-story, 217-unit market-rate rental tower; 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. Additionally, the development will include 1/3 of an acre for a public park.
The South Building, to be built in a subsequent phase, will contain 50 affordable condominiums.
“One Greenway is a triumph for the Chinatown community and for those who believe a vibrant, thriving downtown Boston benefits from diversity. It’s wonderful to accomplish such a tremendous milestone after years of planning,” Janelle Chan, ACDC’s executive director, says. “One Greenway will replenish the area with an incredible amount of much-needed housing, 40 percent of which will be affordable, and allow a new generation of families to call Chinatown home.”
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.
According to Sacks, the fact that One Greenway is so close to South Station will make it incredibly attractive to the growing demographic looking to live in a convenient downtown location near all the amenities that come with city living.
One Greenway received significant public support for its 145 affordable units from the Massachusetts Department of Transportation (MassDOT), the Department of Housing and Community Development (DHCD), Department of Neighborhood Development (DND), various other city and state agencies, and the surrounding community in which it resides, making the project a model for public-private partnerships.