Madison Realty Capital Lends $178M on Boston Condo Tower Project
By Andrew Coen November 30, 2023 2:11 pm
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Madison Realty Capital contributed toward a $241 million debt package originated by Los Angeles-based Cottonwood Group for a refinance on Cronin Development’s planned residential condominium tower in Boston, Commercial has learned.
Cottonwood invited the New York City-based lender a $177.75 million A note while Cottonwood Group closed a $63.25 million B note for Cronin for Cronin’s St. Regis Residences, Boston project. The A note was sourced through Madison Realty Capital’s income-oriented debt investment vehicle geared toward transitional loans.
In addition to retiring a previous $345 million construction loan provided by Madison in December 2021, the new debt will also fund carry costs through the building’s sales process. The property has thus far sold 45 of the 114 condo units and 10,498 square feet of retail space, according to Madison.
“Boston’s Seaport District offers proximity to offices, world-renowned academic institutions and universities and research facilities as well as cultural and recreational amenities that are driving strong demand as demonstrated by the rapid sales at the St. Regis,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement.
Located at 150 Seaport Boulevard in Boston’s Seaport neighborhood, the 22-story condo development will consist of condo options ranging from one to six bedrooms. Community amenities will include a fitness center, pool, spa, jacuzzi, bistro-style restaurant and business center.
Officials at Cronin Development and Cottonwood Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
