BOSTON– JLL Capital Markets announced that it has arranged a $6 million construction loan for the development of 80 Terrace Street, a nine-unit, boutique, for-sale condominium building in the Mission Hill neighborhood of Boston.
JLL worked on behalf of the developer, Primary Development, to secure the floating-rate construction loan through Centreville Bank.
80 Terrace Street will feature 21,000 gross square feet, including nine two-bedroom/two-bathroom for-sale condominium units, one commercial unit and nine parking spaces. The Mission Hill area is a rapidly developing area of the Boston Metro catering to high-earning professionals located within walking distance to the Longwood Medical area and an 18-minute commute into downtown Boston.
The project, which is due for completion in the first quarter of 2021, will feature distinctive architecture with plentiful windows and energy-saving finishes. The property will include a secured parking garage with all spaces equipped with electric car charging ports. Units will feature 10-foot ceilings throughout, high-quality casement windows, premium appliances and finishes, elevator access and a shared roof deck with a green roof. The commercial component can be divided into six office studios connected to a common kitchenette area.
The JLL Capital Markets team representing the borrower was led by Directors Martha Nay and Michael Johnson. Vice President of Commercial Lending Craig Schermerhorn represented Centreville Bank.
