Cronin Nabs $341M to Build Luxe Condo Tower on Boston Harbor Waterfront
By Mack Burke October 17, 2018 10:19 am
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Boston-based Cronin Development has secured $341 million in construction debt financing and joint venture equity to build a luxury condominium at 150 Seaport Boulevard in Boston’s Seaport District, according to brokerage HFF.
The package includes roughly $306.5 million in debt financing from J.P. Morgan Chase as well as Mack Real Estate Credit Strategies; the deal also included $34.5 in equity from JCM Opportunity Fund I, a subsidiary of Joyal Capital Management. A spokesman for Mack declined to detail the firm’s position in the debt stack.
A spokeswoman for J.P. Morgan declined to comment on the transaction.
HFF arranged the debt from J.P. Morgan and the equity from Joyal Capital, according to the brokerage. Riaz Cassum, Brett Paulsrud and Andrew Gray led its deal team.
The planned 22-story development, called The St. Regis Residences, Boston (under the Marriott Brand), will comprise 114 units and feature underground parking and a two-story restaurant on-site. The units will range from one-bedrooms to penthouse homes, according to information from Cronin. The firm’s principal, Jon Cronin, said in July 2018 that he expects to deliver the condo units to the market by 2020.
The 208,000-square-foot development will include just over 10,223 square feet of retail space, as per Cronin’s website. Boston-based firm Elkus Manfredi Architects designed the project, which will be constructed by John Moriarty and Associates.
Property amenities will include a swimming pool, a spa, a health club, a library and a golf simulation room, Cronin’s website indicates.
Cronin could not be reached for comment.
