2004 Transactions
Tremont Arranges $12,900,000
of Debt and Equity for Greenway Place Condo Conversion
The
Boston office of Tremont Realty Capital structured a $10,500,000
construction loan and $2,400,000 of mezzanine/equity for
the acquisition and conversion of 199 State Street in Boston
into 13 luxury residential condominiums and 1 retail condominium.
The property is located directly on Boston's new Rose Kennedy
Greenway, which is the urban park being developed in the
footprint of Boston's former Central Artery. The residential
project has been named Greenway Place and will look directly
out over The Greenway, with breathtaking views of the city,
the Greenway and the waterfront. The units at Greenway Place
will feature luxury finishes, full balconies and dramatic
floor-to-ceiling sixteen foot wide glass curtain walls overlooking
the park, gardens, and streetscape.
David Ross, a Managing Director with Tremont,
worked with the developer, Tambone Investment Group and
its affiliated entity, State Street Greenway LLC, to arrange
the senior construction loan financing and mezzanine/equity.
Tremont was able to structure the high leverage financing
with minimal pre-sales in order to give the developer the
flexibility they needed to meet both their capital and timing
constraints. According to Ross, "Tremont was very excited
by the fact that this will be one of the first new residential
condo projects directly on the new Greenway. Condominium
owners at Greenway Place will benefit from its tremendous
location near Faneuil Hall, the financial district, the
park, the North End and the waterfront. The developer is
successfully blending the beauty of 19th century brick and
granite architecture with all of the modern conveniences
one would expect in a modern day luxury urban residence."
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
