BOSTON – FinanceBoston has arranged $5,150,000 in acquisition & construction financing for the office-to-residential conversion of a 17-unit mixed use project in Downtown Boston. 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 project will be the first to utilize the BPDA Tax Abatement Program for Office-to-Residential Adaptive Reuse, lunched my Mayor Michelle Wu in July 2023. Located in the heart of Boston’s Financial District, the property provides easy access to South Station, multiple subway stations, and is walking distance from many of the city’s iconic landmarks, exciting new developments, popular amenties and to the submarkets most bustling green spaces. The conversion is scheduled to be completed in Summer 2025.
“Our success is heavily predicated on the hard work on Doug Landry and the entire FinanceBoston team as well as Mayor Wu and the BPDA with their forward thinking pilot program. A well deserved thank you to FinanceBoston and the Wu administration for making this deal possible.” said Adam Burns of Boston Pinnacle Properties.
“This was truly a team effort between Adam, the City of Boston, and the lender, Rockland Trust”. said Doug Landry, Partner at FinanceBoston, who arranged the transaction. “Looking forward to seeing the end product, which will include 20% affordability, creating more much needed housing in the City of Boston.”
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