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HFF announced today that it has arranged joint venture equity and construction financing for the ground-up development of Waterside Place, a 236-unit high-rise apartment building located in Boston’s Seaport District.
Waterside Place is being developed by The Drew Company and an institutional client advised by J.P. Morgan Asset Management. Construction financing in the amount of $72 million is being provided by a consortium of banks led by RBS Citizens, as Sole Lead Agent & Arranger, in partnership with Eastern Bank and Blue Hills Bank.
“Waterside Place is one of the most exciting multi-family developments in the City of Boston today,” said Anthony Cutone, a managing director of HFF. “This is a prime example of what we are seeing across the country; construction financing is readily available to well-positioned projects backed by top-notch sponsorship. Waterside Place, The Drew Company and J.P. Morgan are simply the best of the best.”
The $120 million residential development is situated on 1.2 acres between the Boston Convention & Exposition Center and the Seaport Hotel. The smart-growth, transit-oriented and sustainable community will include rental housing, retail and parking directly adjacent to the World Trade Center Silver Line transit station.
Waterside Place is part of a larger development known as the Core Block – a parcel of land that totals approximately eight acres and is located between Summer and Congress Streets. The Core Block, of which the Waterside Place project occupies the northern edge, is immediately adjacent to the Seaport Hotel and Seaport East office building. Waterside Place is immediately adjacent to two parks - Eastport Park and South Boston Maritime Park. In addition, the site affords broad views of downtown Boston, Boston Harbor and its islands, as well as extended horizon views to the south and southwest.
Boston’s emerging Seaport District is one of the city’s hottest submarkets and will be the main area of growth over the next five years. Waterside Place will thus be able to offer its residents unfettered access to a wide array of the city’s best amenities including restaurants, cultural venues and shopping, as well as public transportation and immediate access to the intersecting highway system.