Jones Street Investment Partners has landed $53.4 million in construction financing to build a multi-family transit-focused development in Boston, Commercial Observer has learned.
Cambridge Savings Bank(SCB) and barings have partnered to provide the loan for the 149-unit project in Boston’s Allston neighborhood near Boston Landing. The 35 Braintree Street property is expected to be completed in August 2023.
Boston Real Estate Advisors‘ (BRA) Nicholas Hertz arranged the transaction.
“The project will add much-needed additional housing, including affordable housing, to the Boston Landing neighborhood,” Kevin Teller, senior vice president and head of commercial real estate lending at CSB, said in a statement. “CSB looks forward to working with the teams at Jones Street, Barings and Climb construction To complete this project. »
Located nearby Harvard Universityit is John A. Paulson School of Engineering and Applied Science, the planned seven-story building was designed by Architecture firm based in Cambridge, Mass., PCA. It is also within walking distance of the MBTAit is Boston Landing Commuter Rail Station on the Worcester Line, who Matt Ranallidirector of investments at Jones Street, noted that it is a major catalyst for multi-family development in the area, as well as the proximity to major universities like Harvard.
“This particular submarket has seen positive changes over the past five to 10 years,” Ranalli said. “It’s a dynamic market that incorporates Boston, Harvard and MIT.”
Ranali said 17 of the property’s units will be designated as affordable, including six for artists. Affordable apartments for Boston’s arts community have proven to be an important aspect of the city, granting necessary zoning to the project, according to Ranali.
Boston-based Jones Street acquired the property in 2020 in an off-market transaction also provided by BRA. Since its inception in 2014, Jones Street has acquired or developed more than 4,500 units in six Northeastern states.
Andrew Coen can be reached at acoen@commercialobserver.com
