U.S. Bancorp Provides Blackstone $90M for Boston Luxury Multifamily Acquisition
The private equity firm had purchased the apartment complex last year through Apartment Income REIT
By Brian Pascus January 27, 2025 11:27 am
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Blackstone (BX) is adding to its luxury rental portfolio.
The private equity giant secured $90 million in financing to close the acquisition of One Greenway, a 21-story, 217-unit luxury multifamily tower in Downtown Boston, Commercial Observer has learned.
U.S. Bancorp provided the financing, a five-year bank loan, while CBRE (CBRE)’s Tom Traynor, Tom Rugg and Adam Spengler arranged the acquisition loan.
Blackstone acquired the apartment through AIR Communities, which stands for Apartment Income REIT, a real estate investment trust that Blackstone purchased and took private last April in a $10 billion transaction. AIR Communities acquired One Greenway in October from PGIM Real Estate for $123.4 million in a deal that represented a 15 percent discount on the $144.5 million sales price PGIM paid in 2017, according to the Boston Business Journal.
One Greenway opened in 2015 and includes 217 market-rate units together with a 135-space, three-level parking garage. Located at 99 Kneeland Street on the edge of Boston’s Chinatown, One Greenway is near the city’s Theater District, Tufts New England Medical Center and the famous Boston Common park.
Units at One Greenway range from 486-square-foot studios to 1,618 three-bedrooms, with monthly rents ranging from $3,007 to $7,303, according to the website Apartments.com.
Blackstone and U.S. Bancorp did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
