BOSTON--(BUSINESS WIRE)--Jul. 19, 2012--
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
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.
The HFF team representing the borrower was led by executive managing
director John Fowler. Managing director Coleman Benedict and director
Ben Sayles were responsible for arranging the joint venture equity while
managing director Anthony Cutone and director Lauren O’Neil secured the
J.P. Morgan Asset Management – Global Real Assets has approximately
$61.1 billion in assets under management and approximately 400
professionals in the U.S., Europe and Asia, as of March 31, 2012. With a
40-plus-year history of successful investing, J.P. Morgan Asset
Management – Global Real Assets’ broad capabilities provide many of the
world’s most sophisticated investors with a global platform of real
estate, infrastructure, maritime/transport and energy strategies driven
by local investment talent with disciplined investment processes
consistently implemented across asset types and regions.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are
owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide
and is a leading provider of commercial real estate and capital markets
services to the U.S. commercial real estate industry. HFF together with
its affiliate HFFS offer clients a fully integrated national capital
markets platform including debt placement, investment sales, advisory
services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.
Coleman Benedict, (617) 338-0990
Cutone, (617) 338-0990
Moren, (713) 852-3500