Boston Waterfront High-Rise Receives Financing
- Oct 18, 2018
Cronin Development has received $341 million in construction financing and joint venture equity for the development of The St. Regis Residences, a 114-unit luxury waterfront condominium tower in Boston’s Seaport District.
HFF arranged the funding, with $306.5 million in construction financing through JPMorgan Chase Bank, and a $34.5 million equity partnership with the JCM Opportunity Fund I LLC.
Construction has already begun on the 22-story luxury condominium tower located at 150 Seaport, on one of downtown Boston’s last available waterfront parcels. The development project was proposed by Cronin Development more than two years ago and is being built by John Moriarty & Associates.
“The development offers luxury, waterfront living with 5-star hotel amenities in Boston’s most dynamic Seaport neighborhood,” Riaz Cassum, HFF’s senior managing director, told Multi-Housing News.
Boasting a twisting and angular contemporary design evoking billowing sails in a nod to the project’s waterfront location, The St. Regis Residences will consist of 114 units. Each will offer sweeping views of either the city or Boston Harbor. There will also be widespread access to outdoor space. The development will also feature a two-story signature restaurant, customized services for owners and underground parking.
Amenities at the property will include 24/7 concierge and valet, an indoor pool and hot tub, fitness center with yoga rooms, luxury spa, resident bar and lounge, and a resident dining and prep kitchen and restaurant on ground level
“The Seaport will now have its first and only truly luxury residential building in the St. Regis Residences thanks to the vision of Jon Cronin and his team,” Cassum said.
Joining Cassum in representing Cronin Development were HFF’s Senior Director Brett Paulsrud and Associate Andrew Gray.
“This has been a very exciting project to be a part of,” Paulsrud said. “With its unique design and location, The St. Regis Residences, Boston will be unlike any residential development ever built in the city, serving as an iconic landmark on the Boston skyline.”
Rendering courtesy of HFF