14 West Broadway - South Boston, MASouth Boston, MA CBRE/New England’s multifamily debt & structured finance group secured a $28.15 million loan on behalf of their client, CPC Cornerstone Development, LLC to construct a 49-unit luxury condominium development with a ground floor restaurant. 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 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,” said principal, Ryan Sillery.
The 49 residential units will offer large floor plans, garage parking for all units, and luxurious finishes. Units will feature a stainless steel appliance package, engineered hardwood flooring, custom marble bathrooms and technology with respect to home entertainment and city living life style.
Common amenities will include: a roof deck and roof top lounge with 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 s/f 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. The property is located directly across the street from the MBTA Red Line Broadway Station.
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.