X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

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

Get More Information
 

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.