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$345M Loan Secured for Boston Waterfront Development

BOSTON, MA – Cronin Development has secured a $345 million loan, originated by Madison Realty Capital, for the completion of a 22-story residential and retail condominium development in Boston, MA.

Located at 150 Seaport Blvd., the St. Regis residences development will offer 114 units, encompassing a mix of one-bedroom to six-bedroom penthouse residences with waterfront views. The majority of the units will offer outdoor space. The property will also feature 10,211 square feet of retail space.

The property will offer resident amenities, including a fitness and wellness center with a spa and Jacuzzi, a bistro-style restaurant with waterfront dining, a grand lounge, a pool, boardroom, business center, catering kitchen, wine vault and two guest suites. The amenities will be managed by St. Regis residential staff.

“Boston’s Seaport district is expanding rapidly, but high barriers to entry and long entitlement processes have constrained the supply of luxury condominium offerings,” says Josh Zegen, managing principal and co-founder of Madison Realty Capital. “We are pleased to expand our presence in Boston to deliver an attractive and complex financing solution mid-construction for a significantly presold property to Cronin Development, a developer with over twenty years of experience developing and managing real estate projects in the Boston area. This transaction reflects Madison Realty Capital’s ability to deliver unique financing and certainty of execution for residential projects in every phase of development.”

“We are thrilled to engage Madison Realty Capital as a single source of financing to complete this luxury residential product, which will be the last waterfront residential development in the Seaport district,” states Jon Cronin, founder of Cronin Development. “Madison Realty Capital was able to leverage its knowledge of the Boston condominium market to quickly and efficiently provide us a tailored financing solution during the construction process that will enable us to complete the project in the near term.”

Within Boston, Madison Realty Capital additionally previously originated a $165 million loan to Scape North America for the development of a 451-unit multifamily project in Boston’s Fenway neighborhood and a $314 million construction loan to Raffles Boston Back Bay Hotel & Residences.
Reprinted with permission from the Thu, 13 Jan 2022 10:28:53 EST online edition of GlobeSt © 2022 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.