Hudson Assembly completes acquisition of 230 Summer St.

Boston, MA Hudson Assembly, a joint venture between Evan Papanastasiou of Assembly Investments and Noam Ron of Hudson Group, with capital partner Time Equities, Inc., have completed the acquisition of 230 Congress St., a 151,163 s/f office, retail, and telecommunications building in the city’s Financial District. 

The historic 12-story Art Deco brick building, designed by renowned architect Ralph T. Walker and constructed in 1931, sits at the intersection of Congress and High Sts., one block from the Rose Kennedy Greenway and three blocks from South Station. 

The acquisition price was undisclosed but the property previously traded for $77 million in 2017 and $50 million in 2014. 

Following the acquisition of 230 Congress St., sponsorship partners Hudson Assembly and Time Equities, Inc. (TEI) have finalized a post closing financing package. The commercial mortgage was provided by Institution for Savings. 

The initial loan proceeds of $14.22 million will be utilized to optimize the capital structure of the asset along with future funding for targeted property enhancements of the building’s common areas and tenant amenities. 

Closing the initial transaction in cash allowed the sponsorship to provide absolute execution certainty and speed to the seller. This subsequent financing marks the first collaboration between the owners and Institution for Savings, establishing a strong foundation for a long-term regional banking relationship. 

The financing process was managed internally by the joint-venture, led by Zach Alerhand, director of portfolio strategy at Time Equities, who sourced and managed the loan through closing. Institution for Savings was compelled by the unique, defensive risk profile of the asset, underpinned by several core strengths: 

• Diversified Income Streams: As a premier mixed-use office and retail asset the property benefits from multiple, distinct revenue channels that insulate it from single-sector market shifts. 

• Sticky Tenancy & Proven Cash Flow: The building boasts a long history of highly stable, sticky tenancy with a strong weighted average lease term (WALT), offering immediate and reliable cash flow. 

• Prime Corner Location: Situated on a highly visible corner in downtown, the asset commands excellent foot traffic and exposure at the intersection of the Financial District and the Rose Kennedy Greenway. 

• Attractive Basis on the Bricks: The partnership’s highly competitive entry basis positions the property defensively within the submarket, enabling them to offer attractive and flexible leasing structures to incoming tenants. 

“We are incredibly pleased to establish this relationship with the Institution for Savings as we expand our local footprint,” said Noam Ron, co-founder of Hudson Assembly. “The IFS team truly understands the Boston market dynamic, and we appreciate their ability to execute seamlessly on institutional-quality commercial assets in prime downtown locations.”

“Transitioning from an all-cash close to this optimized debt structure allows our joint venture to execute our business plan from a position of absolute strength,” said Aaron Medeiros, director of acquisitions & policy at Time Equities, Inc. “With 230 Congress St.’s diverse revenue streams and highly stable tenancy, this financing sets the perfect foundation for us to move forward with our planned property enhancements.” 

Located at a premier downtown crossroads near Post Office Sq. and South Station, 230 Congress St. spans approximately 151,000 square feet. Built in a classic Art Deco style, the building features an architectural permanence that complements its highly diversified, multi-tenant roster. 

“We’re proud to have helped bring a multi-borrower transaction across the finish line at 230 Congress Street,” said Lindsay St. Pierre, Vice President of Commercial Leasing at Institution for Savings. “It’s proof that the best deals are built on collaboration and trust.”