Prudential Mortgage Capital Company provided a $114 million construction loan to Apartment Investment and Management Company for the development of One Canal, a 12-story apartment community in Boston’s Bulfinch Triangle, the company announced today. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).
The new Class-A building at Canal and New Chardon streets will comprise 310 apartments, 22,000 square feet of ground level retail space and state-of-the-art amenities. The property is directly above The Big Dig project, which re-routed I-93 underneath the city through a 3.5-mile tunnel and created several plots of land open to developers. The views from the building will overlook the Rose Kennedy Greenway.
“The Bulfinch Triangle/North Station area is one of the top residential locations in Boston because of its location between the West End and the North End. It is within walking distance of the Financial District, Massachusetts General Hospital, Government Center and Beacon Hill,” said Kip Kimble, a principal with Prudential Mortgage Capital Company’s multifamily originations team who helped lead the transaction out of the company’s Boston office. “Those factors, combined with the strength and experience of Aimco and the quality of the property, made this an extremely attractive transaction for us.”
“We are pleased to have Prudential Mortgage Capital Company as our partner on this exciting project,” said Patti K. Fielding, Aimco’s Executive Vice President of Securities and Debt and Treasurer. “Our long-standing relationship and track record with Prudential will be invaluable to the success of One-Canal.”The 310 residential units will include 289 market-rate and 21 affordable units. Units include granite kitchen countertops, stainless steel appliances, in-unit laundry and several other amenities. The building will also include a fitness center, clubroom, billiards room with outdoor space, a rooftop swimming pool and outdoor courtyard. Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with 252 communities in 23 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com. Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $74 billion in assets under management and administration as of June 30, 2013. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $71.9 billion, as of June 30, 2013. For more information, please visit http://www.prumortgagecapital.com. Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.