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BOSTON-Nearly two years after it received city zoning approval, Trilogy, a 575-unit mixed-use project in the Fenway, secures $198 million in financing that will enable construction on the development to move forward. Fenway Ventures LLC, a joint venture of Samuels & Associates and Boylston Properties, is developing the project.

Senior managing directors Fred Wittmann and Todd Stressenger and senior real estate analyst Greg LaBine of the local office of Holliday Fenoglio Fowler, LP arranged the financings. The financing structure of the joint venture included a forward equity takeout commitment from JP Morgan Investment Management on behalf of its clients for the entire project and a forward sale commitment from Harvard University for a condominium interest. The transaction was negotiated by Justin Krebs, a senior acquisition officer at JP Morgan Investment Management.

HFF arranged an $85-million floating-rate construction loan through Keybank and Anglo Irish Bank for Trilogy, in addition to a $113-million, fixed-rate construction/permanent loan through Cigna and Babson Capital Management. “HFF worked successfully with five different sources to arrange the financing of Trilogy,” says Stressenger. “A deal of this magnitude is virtually unheard of in the Boston market.”

Due for completion in 2006, the project is located at in the triangle between Brookline Avenue and Boylston Street, adjacent to the Longwood Medical Area. The property is near the Massachusetts Turnpike and Route 93, and is close to the Fenway stop on the MBTA Green Line. The two-acre site plans call for 43,000 sf of retail space, 405 residential units, 170 housing units for Harvard University and 500 parking spaces. Proposed residential unit mix includes studio, one-, two- and three-bedroom units averaging 908 sf.

A year ago, in a move that proved vital to the viability of the project, the developers signed an agreement with an institutional real estate advisor as a joint venture partner in the project. In addition, Harvard University purchased 170 of the rental units in the project, which it will use for housing its graduate and medical students as well as faculty.

The project has been touted as the anchor for the revitalization of the Boylston Street corridor in the Fenway. Check back with GlobeSt.com for more details.

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