BOSTON-In a deal that is indicative of the condo craze that is sweeping the city, Harrison Commons, LLC is buying 761 Harrison Ave. with the intention of converting the building into 60 condominiums. The sales price was $11.8 million.

The five-story building currently consists of 80,000-sf situated on a nearly two-acre site. The plan is to convert the building into 60 condos, and a five-story, 150,000-sf building will be constructed to hold an additional 140 new rental units. The project will also feature 220 parking spaces.

Thomas J. Hynes Jr., president, and Thomas D. Robinson Jr., vice president, of Meredith & Grew represented the Society of Jesus of New England. Kevin C. Phelan, executive vice president, and Stephen M. Horan, senior vice president, of Meredith & Grew arranged the acquisition and construction financing of $70 million for the buyer with Key Bank and NEBF. Harrison Commons LLC, is a joint venture of Robert F. Walsh, of RF Walsh & Co., and Robert N. Kenney, of Kenney Development.

The property was originally constructed by the Jesuits in 1863 to serve as the first home of Boston College. In 1909, Meredith & Grew sold the Lawrence Farm in Chestnut Hill to Boston College and the college relocated to that property. This location remains the core site of the college today. Boston College High School also occupied the Harrison Avenue location from 1863 to 1954, when it relocated to its current campus in Dorchester.

“The proceeds from this sale will enable the Jesuits not only to continue to maintain our presence to the people of the South End at the Jesuit Urban Center and the Church of the Immaculate Conception on Harrison Avenue, they will also enable us to enhance our ministries throughout the New England region,” says Very Reverend Thomas J. Regan, SJ, the Jesuit provincial.

Recently, the Carlyle Group, in a joint venture with Draper and Kramer, redeveloped a 367-unit residential project on the waterfront in the Charlestown Navy Yard into a condominium complex. Crescent Heights purchased CambridgeSide Apartments, a 104-unit apartment community in Cambridge, which it intends to convert into condominiums.

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