July 17, 2018
A JV between Boston-based Boylston Properties, The Wilder Companies and Jonathan Bush secured $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, MA. HFF sourced institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity, and secured a $222 million construction loan from Wells Fargo Bank.
Construction is underway along the banks of the Charles River, just west of Boston, with the first phase scheduled to open in 2019. Arsenal Yards will create a vibrant urban neighborhood with more than one million square feet of destination shops and eateries, new and existing office and lab space, 425 contemporary residences, and a 150-room Hampton by Hilton.
HFF’s debt and equity placement teams representing the borrower included Fred Wittmann, Coleman Benedict, Brett Paulsrud and Henry Schaffer.
For comments, questions or concerns, please contact Dennis Kaiser