BOSTON– CBRE/New England’s Multifamily Debt & Structured Finance group announced it secured a $28.150 million loan on behalf of their client, CPC Cornerstone Development, LLC to construct a 49-unit luxury condominium development with a ground floor restaurant in South Boston. CBRE also arranged $8 million dollars in equity on behalf of the sponsor.
CBRE/NE Multifamily Debt & Structured Finance group Senior Vice President/Partner, John Kelly and Senior Financial Analyst, Sam Dylag obtained the financing for the buyer. “It was a pleasure to work with our repeat client on this transaction. This project is well located at the end of West Broadway which makes for an excellent transit-oriented development. Based on recent sales of comparable condos, our client has an excellent basis to ensure the long-term success of the project.” said CBRE/NE’s John Kelly.
“CPC was very happy with the terms and execution CBRE arranged for this high end condo development project. CBRE was able to arrange both the debt and $8 million in equity for this development. That was a big plus for this transaction,” stated Principal, Ryan Sillery.
The 49 residential units will offer large floor plans, garage parking for all units, and luxurious finishes. Units will feature a top-of-the-line stainless steel appliance package, engineered hardwood flooring, custom marble bathrooms and state of the art technology with respect to home entertainment and city living life style.
Common amenities will include: a roof deck and roof top lounge with sweeping views of the Seaport and Downtown Boston, valet garage parking, 24 hour concierge, fully equipped fitness center, and a green roof garden terrace. There will be 6 affordable units at 14 West Broadway per BRA Inclusionary Development Policy.
The ground floor will be operated by a successful local restaurateur who will open a new 350-seat restaurant concept in the 6,000 square foot space.
14 West Broadway is located at the convergence of Boston’s most exciting neighborhoods: South Boston, the South End, Fort Point, the Seaport, and the Financial District. The proximity to all of these neighborhoods affords residents the ultimate live-work-play lifestyle and outstanding demographics. Many of the City’s largest employers and most popular restaurants are located within walking distance or a short “T” ride away.
The Property is located directly across the street from the MBTA Red Line “Broadway” Station affording tenants superior access to Boston’s most reliable and effective of the MBTA “T” lines. Furthermore the Red Line serves the most passengers in the city of Boston.