BOSTON – FinanceBoston has arranged a $20,600,000 in acquisition & construction financing for the ground-up development of a 36-unit mixed use project in South Boston, with structured parking for 32 vehicles. The financing includes a $16,500,000 senior construction loan and $4,100,000 in limited partner equity. Financing was completed on behalf of Adam Burns of Boston Pinnacle Properties. Through his contracting entity, Synergy Construction, Adam will be self-performing on the construction, and handling all lease-up and management aspects once built.
The property is in a highly prominent location on West Broadway, with easy access to the MBTA Red Line, walking distance to the Seaport District, and on the same block as multiple popular nightlife venues including the popular Lincoln-Loco-Capo triad. The building is scheduled to open in Summer 2024.
“The financing was completed with competitive terms from an out-of-state bank who wanted exposure to the South Boston market,“ said Doug Landry, Partner at FinanceBoston, who arranged the transaction. “In South Boston there is a shortage of new construction rental apartments, outside of the high cost and high amenity buildings. The units in this building, which include five affordable units, will be in high demand.”
“We have always enjoyed working with Doug Landry” said Adam Burns, Principal of Boston Pinnacle Properties. “The experience and dedication that he and his team bring to every deal is unmatched in the industry”.
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