BOSTON-A joint venture between locally based Samuels & Associates and institutional clients advised by J.P. Morgan Asset Management has secured $191 million in construction financing for the Van Ness, a 762,000-square-foot mixed-use project in the Fenway Triangle district. HFF arranged the long-term, fixed-rate financing through Northwestern Mutual; financing terms were not disclosed.
Located at 1325 Boylston St., the Van Ness will include 172 residential units situated above a three-story, 169,000-square-foot Target department store. There will also be 31,000 square feet of ground-floor retail, an 11-story, 233,000-square-foot office tower and 506 parking spaces.
“The combination of high-quality residences, first-class office space and superior shopping anchored by Target make this a welcome addition to Fenway,” says HFF director Greg LaBine in a release. LaBine led the team representing the Samuels/J.P. Morgan JV.
The deal marks HFF's second large-scale Boston-area financing this week. On Tuesday morning, GlobeSt.com reported that HFF had arranged $90 million in financing from Hartford Investment Management Co. for the Boston Harbor Garage, owned by a JV of Chiofaro Co. and Prudential Real Estate Investors. It marked the second time around for all parties to the deal, who had previously worked out a five-year financing in 2008.
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