Boston Realty Advisors secures $53.4 million loan from Cambridge Savings Bank and Barings for 35 Braintree St. : NEREJ
Allston, MA Boston Realty Advisors arranged debt financing for 35 Braintree St., a 149-unit transit-focused development by Jones Street Investment Partners.
Boston Realty Advisors secured a $53.4 million loan from Cambridge Savings Bank (CSB) and Barings for the project, which will provide needed housing in the neighborhood near Boston Landing. The transaction was managed by Nicholas Herz, Managing Director and Partner of Boston Realty Advisors.
Jones Street Investment Partners was founded by Matt Frazier, CEO, and Matt Ranalli, CIO. Since its inception in 2014, Jones Street has acquired or developed more than 4,500 units in six states.
“It was a pleasure to work alongside such a caliber team at Jones Street Investment Partners and to add to our track record of successful debt executions,” said Herz. “We are committed to helping our customers grow and collaborating with them on all facets of their business.”
BRA also purchased the off-market acquisition on behalf of Jones Street Investment Partners in 2020, allowing the company to acquire the land. Jones Street Investment Partners has since led the project through to completion.
The seven-story building, designed by PCA, Inc., is located near Harvard University’s new School of Engineering and Applied Sciences on the Allston campus. 35 Braintree is also within walking distance of the MBTA Boston Landing commuter rail station on the Worcester line, a catalyst for development in the area, which is underserved by housing. Demand for residencies among young professionals and graduate students is high, given the proximity to local universities, including Harvard.
“The BRA and Cambridge Savings Bank have been great to work with to secure financing for 35 Braintree St., which is located in a dynamic, up-and-coming neighborhood that is severely constrained by supply,” Frazier said. “This exciting project represents a key progress marker for our core development activity, and we look forward to further developing this core competency as we advance our investment strategy.”
Allston’s financial transaction follows two other recent debt offerings by Boston Realty Advisors, now in its 22n/a year of existence.
Boston Realty Advisors recently arranged a $16 million permanent debt financing for Legend Development Group, Inc. at 392 Cambridge St. in Allston, which consists of 32 condominium apartments, structured parking and a restaurant on the ground floor.
And in Marlborough, an $11.150 million loan was secured for the acquisition of Marlboro Village, a community of 102 fully occupied prefab homes. The Broadway Company purchased the residential community for $17.152 million.