BOSTON–The London-based developer behind The Bon, a luxury apartment building in Boston’s Fenway neighborhood, has filed for Chapter 11 bankruptcy protection — and at the same time launched a lawsuit against its landlord, alleging the company’s actions pushed the project into financial distress.
According to reporting by the Boston Business Journal (BBJ), Meanwhile Group, the developer of the 451-unit complex at 1260 Boylston St., filed for bankruptcy earlier this month, listing between $100 million and $500 million in both liabilities and assets. In a separate lawsuit, an affiliate of the company accuses Boston-based Kenmore Management of a “bad-faith refusal” to cooperate on refinancing efforts that might have prevented the filing.
As BBJ reported, the lawsuit claims Kenmore Management refused to consider adjustments to The Bon’s ground lease — changes that the developer said were necessary to secure new financing. The suit seeks “tens of millions of dollars” in damages and lost investments.
Kenmore Management did not immediately respond to a request for comment, according to BBJ.
A flagship U.S. project in trouble
The Bon, which opened in 2023 under Meanwhile’s Morro brand, represents the company’s only completed U.S. development. Its apartments, averaging nearly $40,000 per year in rent (more than $3,300 per month), are 95% occupied, the lawsuit said.
BBJ noted that The Bon received a $178 million loan from Madison Realty Capital shortly after opening. The property was last assessed at $168 million.
The bankruptcy filing lists JPMorgan Chase among its largest creditors, with about $325,000 owed for a tenant improvement allowance reimbursement, and the restaurant chain Wonder owed $117,000 for a security deposit.
Broader setbacks for Meanwhile Group
As reported by BBJ, The Bon’s bankruptcy follows another blow for Meanwhile Group earlier this year, when a proposed 23-story residential tower nearby — planned under its Scape student-housing brand — was lost at auction before construction began.
That site, at Charlesgate West, has since received a $40 million mortgage from local developer Samuels & Associates, according to property records cited by BBJ.
The Bon’s opening had marked a milestone for the Fenway area’s rapid transformation, joining a wave of major developments along Boylston Street, including 1325 Boylston (home to Target), The Veridian, 1330 Boylston, and The Harlo.
Neither Meanwhile Group’s office nor The Bon’s leasing office responded to BBJ’s requests for comment.
