New Boston Ventures has secured nearly $59 million in financing for the development of a residential condominium building in Boston’s Financial District.
The financing includes a $46 million fixed-rate construction loan from East Boston Savings Bank and $12.7 million in subordinate debt from Canyon Partners Real Estate, according to HFF, which arranged the deal.
The developer, based at 540 Tremont Street in Boston, plans to build a 12-story, 36-unit, luxury residential condominium building at 110 Broad Street, along the Rose Kennedy Greenway and a block from the waterfront.
It will include 3,550 sq ft of ground floor retail space and 48 below-grade parking spaces. There will be one-, two- and three-bedroom unit options averaging 1,774 sq ft, with five units designated as artist live/work studios, in addition to three penthouse units on the 11th and 12th floors averaging 3,940 sq ft.
In order to achieve the full development potential, New Boston Ventures reportedly paid the city’s development agency $594,000 for development air-rights along the Rose Fitzgerald Kennedy Greenway.
The South End-based real estate development firm, founded in 1986, has developed more than 50 projects throughout eastern Massachusetts.
“Every new construction and renovation project undertaken by the company, including those developed during the depressed real estate markets of the late ‘80s and 2007-2009, has been successfully financed, completed, marketed and sold,” according to a prepared statement from the firm.
The HFF debt placement team representing the borrower was led by director Brett Paulsrud.