Boston, MA On behalf of Samuels & Associates, CBRE/New England’s debt & structured finance team secured construction financing and a joint venture equity partner for Pierce Boston, located at 188-200 Brookline Ave. in the Fenway neighborhood of the city. Pierce Boston is a $300 million development that will be a 30-story, 420,000 s/f luxury mixed-use tower that is comprised of apartment units, condominiums and approximately 20,000 s/f of retail/restaurant space.
Pierce Boston, 188-200 Brookline Avenue - Boston, MACBRE/NE’s Kyle Juszczyszyn, Chris Coutts and Taylor Shepard, with assistance from Biria St. John and Simon Butler secured first mortgage financing and sourced an equity partner for the construction of Pierce Boston.
CBRE/NE identified Landsea, one of China’s top 100 real estate developers, as the joint venture partner for Boston-based development firm Samuels & Associates. CBRE/NE also secured J.P. Morgan for the first mortgage financing, which will provide a $176.9 million construction loan for Pierce Boston.
“By working closely with Samuels & Associates from the beginning we were able to tailor our efforts and create a creative capital structure that would satisfy their goals. Through a competitive and deliberate marketing process, we dual-tracked the deal and presented it to both equity investors and debt sources. We were able to leverage the extensive CBRE platform and provide our client a targeted list of both institutional national investors and foreign investors. We are happy to have introduced Landsea to Samuels & Associates and are honored to have played a role in helping Samuels achieve their vision for The Fenway,” said Juszczyszyn.
With its prominent location in The Fenway neighborhood, Pierce Boston has been designed to be an iconic structure at the entrance to downtown Boston. Arquitectonica, a globally recognized architecture firm, designed Pierce Boston’s slender glass frame and distinctive profile to make it a truly unique building.
This 30- story mixed-use building will capture unobstructed views of downtown Boston, The Fenway neighborhood, the Charles River and the Emerald Necklace.
In 1997, Samuels & Associates acquired their first land option in The Fenway neighborhood. Since then, the neighborhood has evolved into a lively urban mixed-use district.
The Fenway neighborhood has been developed through a thoughtful masterplan lead by Samuels & Associates in collaboration with key community stakeholders. Pierce Boston will be Samuels’ sixth major undertaking in The Fenway neighborhood. Samuels & Associates has developed several notable projects in Fenway, including 1330 Boylston, Fenway Triangle Trilogy, Van Ness and The Verb Hotel.
“CBRE/NE understood our vision for Pierce Boston and was able to manage several different capital sources to achieve this project. CBRE/NE was able to source Landsea as our equity investor, understand the overall financing package and arrange a construction loan from J.P. Morgan,” said Joel Sklar, president of Samuels & Associates.
Samuels & Associates, headquartered in Boston, has been building communities for more than two decades. Pioneers in development, leasing and merchandising, and property management, the Samuels & Associates team specializes in creating mixed-use development projects with active pedestrian spaces, flexible and inspiring commercial spaces, and dynamic combinations of retailers and restaurateurs. Samuels & Associates is guided by the belief that people should live, work, shop and play in dynamic communities that inspire and enrich all aspects of their lives.
Landsea Group, founded in 2001, and noted as one of the top 100 real estate companies in China, has expanded dramatically from its origins in mainland China to Germany and the United States, bringing an unparalleled combination of progressive vision, eco-efficient style and technologically advanced innovation to the residential marketplace. Landsea is leading the market in environmentally-conscious real estate development and operations and is at the forefront of the sustainable building industry. With more than 50 ongoing projects covering a total development area of over 91 million s/f, their total assets reached $4.4 billion in 2014. In the United States, Landsea is currently developing communities including a luxury high-rise set along the banks of the Hudson River with spectacular views of the Manhattan skyline in Weehawken, New Jersey, Kingswood, 109 beautifully designed townhomes in Dublin, California, and The Westerly, an exciting new community with three new home neighborhoods in Simi Valley, California.
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Mass., Conn., R.I., Maine and N.H. 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.