List Your Equipment For Free  /  Seller Login

HFF Announces $324M in Financing for Arsenal Yards

Thu July 19, 2018 - Northeast Edition #15
Business Wire


Arsenal Yards sits along the banks of the Charles River just west of Boston in East End Watertown.
Arsenal Yards sits along the banks of the Charles River just west of Boston in East End Watertown.

Holliday Fenoglio Fowler L.P. (HFF) announced $324 million in construction financing and joint venture equity for the development of Arsenal Yards, a six-building, mixed-use redevelopment of the former Arsenal Mall in Watertown, Mass.

The HFF team worked on behalf of Boylston Properties, The Wilder Companies and Jonathan Bush to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity, and secure a $222 million construction loan from Wells Fargo Bank.

Arsenal Yards sits along the banks of the Charles River just west of Boston in East End Watertown. With construction currently under way and the first phase scheduled to open in 2019, Arsenal Yards will create a vibrant urban neighborhood with more than 1 million sq. ft. that will include 250,000 sq. ft. of destination shops and eateries, anchored by Roche Bros. and The Majestic Cinema; Yard Works (200,000 sq. ft. of new and existing office and lab space); Blvd & Bond (425 contemporary residences); a 150-room Hampton by Hilton; The Fitness Collection and a revitalized Arsenal Park with expanded access to the Charles River.

An abundance of surrounding demand drivers exist, including corporate headquarters for AthenaHealth and Bright Horizons — immediately adjacent to the project — and New Balance, Harvard Business School's campus expansion, Harvard's $1 billion Science and Engineering Complex set to open in 2020, and the adjacent LINX office/lab complex (fully leased) recently developed by Boylston Properties.

The HFF debt and equity placement teams representing the borrower included senior managing directors Fred Wittmann and Coleman Benedict, senior director Brett Paulsrud and associate Henry Schaffer.

“HFF was able to work closely with the development team to secure a capitalization structure that met their objectives,” Paulsrud said. “This redevelopment will dramatically transform the landscape of Watertown, adding a significant amenity base to the area. It will be very exciting to watch this best-in-class partnership create a new destination for surrounding residents and businesses alike.”

For more information, visit arsenalyards.com, boylstonproperties.com, wilderco.com, jpmorganassetmanagement.com and hfflp.com.




Today's top stories

Florida's Sarasota Bradenton International Airport Sees $105M Terminal Expansion

Louisville Pump Station Receives $230M Update

Rokbak Haul Track Telematics Boost Uptime With Proactive Maintenance

SISO Air, InTerra Form Strategic Reseller Agreement

Hitachi Construction Machinery Wins Silver in 2024 Anthem Award

Balfour Beatty's Carolinas Operations Selected for Over $36M in Special Project Works

Caterpillar to Spotlight 'Next 100 Years' at CES 2025

Liebherr to Exhibit at World of Concrete 2025


 







\\ \\ \\