2005 Transactions
Tremont Structures $92,000,000
Financing for Boston Condominiums
Tremont Realty Capital
recently completed a capital raise assignment for the acquisition
and redevelopment of The Waterworks at Chestnut Hill, a
new luxury residential condominium development in Boston,
MA. Tremont structured a $75,100,000 construction loan combined
with a $16,900,000 mezzanine loan, which together provided
98% of the total project costs. The property includes the
historic rehab of four turn-of-the-century existing buildings,
as well as, ground-up development of a new six-story building.
In total, The Waterworks at Chestnut Hill will deliver 112-residential
units across the entire 7.9-acre site. The project enjoys
a premiere location abutting the historic Olmstead designed
landscape, and water views of The Chestnut Hill Reservoir.
The property is within walking distance of a transportation
hub, shops, theatres, restaurants and the Boston College
Chestnut Hill campus.
Tremont Realty Capital Senior Director Dennis
Walsh and Managing Director David Ross worked with the developer,
Waterworks Park LLC, to arrange the construction and mezzanine
loan financing. Tremont pursued this opportunity with both
foreign and domestic capital sources due to the unique characteristics
and size of this investment. According to Walsh, "Tremont
was very confident of investor and financing interest due
to the quality of the development team and the appeal of
this project. To find water views, in a low-density development,
in a high-demographic area with access to public transportation
and retail/restaurant amenities in walking distance is rare.
The sponsorship's success in pre-development and marketing
activities, including achieving over 50% in pre-sales reduced
a lot of risk in the transaction and made the capital sources
comfortable."
For additional information on this transaction,
please contact:
Dennis Walsh
Senior Director
Email: dwalsh@tremontcapital.com
Phone: 617.867.0700 x782
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
