Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

(To read more on the debt and equity markets, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.