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BOSTON-Archstone Avenir–the 241-unit multifamily community–is securing a $90-million construction loan from National Electrical Benefit Fund Investments. The 36-month loan will be in addition to the $149-million equity investment and co-development agreement between Archstone and Trinity Financial, which was taken in July of this year for the development of the project. Managing director of Holliday Fenoglio Fowler LP, Jody Thornton, director Anthony Cutone and associate director John Ahmed worked on behalf of Archstone to secure the loan. The other terms of the loan were not disclosed. Archstone did not respond to GlobeSt.com inquiries by deadline.

The project–at 101 Canal St.–is in the Bulfinch Triangle here and will add 28,000 sf of street-level retail along with a 115-space parking garage, in addition to the multifamily units. The property is located near the TD Banknorth Garden with access to the Orange and Green lines.

HFF expressed confidence for the project’s location. “Situated along the Rose Kennedy Greenway at the confluence of Government Center, the Financial District, the North End and Beacon Hill, the property enjoys what is arguably the best multifamily location in downtown Boston,” says Cutone in a statement.

The Bulfinch Triangle here is attracting attention now that the Big Dig has been completed. After the removal of the Interstate 93 overpass, Boston Development Group received approval for the development for the Merano–$160-million mixed-use facility–just across Route 1, a few blocks away from the proposed Archstone project at 86-88 N. Washington St. The Merano will have two hotels totaling 190,000 sf, as well as 10,000 sf of retail, 13,000 sf of restaurant space, and 206,000 sf of office. The Merano anticipates completion by 2011.

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