JPMorgan has provided a $177m construction loan for Samuels & Associates’ Pierce Boston, a 30-story, 420,000 sq ft mixed-use tower being developed in the Fenway neighborhood of Boston, Massachusetts.
In addition to arranging the financing, CBRE secured China’s Landsea Group as Samuels & Associate’s joint venture partner. The brokerage declined to specify loan terms.
“Through a competitive and deliberate marketing process, we dual-tracked the deal and presented it to both equity investors and debt sources,” said CBRE’s Kyle Juszczyszyn, in a statement. Juszczyszyn arranged the financing with Chris Coutts, Taylor Shepard, Biria St. John and Simon Butler.
The $300m development that will be comprised of apartment units, condominiums and approximately 20,000 sq ft of retail and restaurant space.
Samuels & Associates acquired its first land option in The Fenway neighborhood in 1997. Pierce Boston will be Samuels’ sixth major undertaking in the neighborhood, having developed other notable projects including 1330 Boylston, Fenway Triangle Trilogy, Van Ness and The Verb Hotel. Architecture firm Arquitectonica designed Pierce Boston’s slender glass frame.
Landsea Group, founded in 2001, is involved with more than 50 ongoing projects covering a total development area of over 91m sq ft, including a luxury high-rise set along the banks of the Hudson River in Weehawken, New Jersey; Kingswood, 109 townhomes in Dublin, California; and The Westerly, a new residential community in Simi Valley, California.