Boston Condos Set to Rise With $345M Loan From Madison Realty Capital
Cronin Development has landed $345 million of construction financing for a planned mixed-use condominium development in Boston’s Seaport District, Commercial Observer has learned.
Madison Realty Capital originated the loan for Cronin to complete its 22-story, 114-unit residential and retail development called St. Regis Residences at 150 Seaport Boulevard. The project will also comprise 10,211 square feet of retail space.
“Boston’s Seaport District is expanding rapidly, but high barriers to entry and long entitlement processes have constrained the supply of luxury condominium offerings,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “We are pleased to expand our presence in Boston to deliver an attractive and complex financing solution mid-construction for a significantly pre-sold property to Cronin Development, a developer with over 20 years of experience developing and managing real estate projects in the Boston area.”
The property will contain a mix of one-bedrooms to six-bedroom penthouse units with waterfront views. Its amenities include fitness and wellness center with spa and jacuzzi, bistro-style restaurant with waterfront dining, tenant lounge, pool, boardroom, business center, catering kitchen, wine vault and two guest suites.
The St. Regis project adds to Madison Realty Capital’s active transaction volume in Boston. Some of its notable transactions in New England’s largest city include 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.
“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,” Jon Cronin, founder of Cronin Development, said in a statement. “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.”
Andrew Coen can be reached at firstname.lastname@example.org.