Waterworks Park Gets $92M for Acquisition, Redevelopment

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BOSTON-The developer of a condominium complex in Chestnut Hill has received $92 million in financing for the acquisition and redevelopment of the 7.9-acre site along the Chestnut Hill Reservoir. The financing package will provide 98% of the funds needed by Waterworks Park LLC to develop 110 residential units on the property.

The project, known as Waterworks Park, includes the rehabilitation of three historic turn-of-the-century buildings along with the construction of a six-story building. At the juncture of Brookline, Brighton and Chestnut Hill, the effort also includes a museum, restaurant and community space along with 112 residential units, half of which are already pre-sold.

"It was a high leverage transaction and one that there was a lot of interest in because of where it is and who it is [developing the property]," Dennis Walsh, senior director for Tremont Realty Capital, which provided the loan, tells GlobeSt.com. "There was no lack of interest in a project like this. It's a pretty strong deal." Walsh and David Ross, also a senior director with locally based Tremont, pursued both foreign and domestic capital sources to fund the loan due to the project's unique characteristics and the size of the investment.