Default organization

Totals

Total Square Footage 41053
Total Dollar Volume $ 7,200,000

General

Established 2016
Employees

Description

Boston-area real estate investor and developer

Updates

Penniman on the Park
- Oct 20, 2017

Pre-sales begin at Penniman on the Park luxury condos in Allston, new renderings revealed


Penniman on the Park, a new-construction condominium building in Allston featuring 36 high-end residences, will begin pre-sales next week starting at $500,000. Located steps from the new Boston Landing MBTA commuter rail station, Penniman on the Park will feature garage parking, elevator access and a gorgeous finish palette featuring wood flooring and designer-level kitchen, bath and lighting finishes such as custom cabinetry, quartz countertops and high-end Jenn Air appliances. Penniman on the Park is expected to open in Fall 2018. The latest renderings of Penniman on the Park are posted above.


Penniman on the Park
- Aug 06, 2017

Steel frame tops off at Penniman On The Park luxury condos in Allston


Penniman On The Park's six-story steel frame has topped off, and weatherproofing of the building's facade is well underway. Wooden exterior panels have been fitted along nearly the entire facade, and moisture-resistant cladding has been affixed to over half of the building. In the coming months, installation of windows and exterior finishes will take place. Inside Penniman on the Park, sections of metal stud framing have been erected in order to partition individual residences. Opening in Fall 2018, Penniman on the Park will feature 36 luxurious condominium residences, including four penthouses with private outdoor terraces. The following are photographs of Penniman on the Park:


Penniman on the Park Photos


Penniman on the Park
- May 07, 2017

Penniman On The Park condos in Allston near topping off


The steel frame of Penniman on the Park, an upcoming 36-unit luxury condominium building in Allston, has reached five stories high and will soon top off at six stories. The building’s concrete elevator core has topped off. Erection of vertical metal framing has begun on lower floors to partition Penniman on the Park’s individual units. Penniman on the Park is expected to open in Fall 2018. The following are photographs of Penniman on the Park:


Penniman on the Park Photos


Penniman on the Park
- Aug 28, 2016

New developer building 36 Allston condominiums approved in 2011


Penniman on the Park, a 36-unit Allston condominium building approved in 2011, is moving forward with a new development team comprised of Jumbo Capital Management of Quincy and investor Brad Spencer. The new development team secured a $12 million mortgage for 20 Penniman Road on August 19th, 2016 through East Boston Savings Bank; the project cost was pegged at $7.2 million upon approval in 2011. A building permit valued at $8.604 million was issued by the City of Boston on August 22nd, 2016 to general contractor Groom Construction to construct the 42,190 square foot Penniman on the Park.


The new development team also entered a lease on August 19th, 2016 for 14 parking spaces in an adjacent parking lot that will take effect upon the City of Boston's issuance of a Certificate of Occupancy for Penniman on the Park. An easement was also granted to the team by the owners of the adjacent lot; Penniman on the Park's underground parking garage will be accessed through the easement. At this time, a deed has not been recorded transferring ownership of Penniman on the Park to the new development team; this page will be updated with additional information as it becomes available.


In an interview with Banker and Tradesman, Spencer claims that the nearby Boston Landing development and associated MBTA commuter rail station due to open next year were key factors in the new development team's decision to invest in the Allston neighborhood. “The new commuter rail station is definitely the main impetus for us to pursue something there," said Spencer. "We see that area looking totally different in three to five years than it does today." A 93,000 square foot mixed-use building containing 80 rental residential apartments, a 562 square foot ground-floor retail space and a 1,715 square foot startup incubator space is currently under construction across from the Penniman on the Park project site at 61-83 Braintree Street.


Spencer also explained that the approved Penniman on the Park project will be revised to include all-steel construction as well as higher quality finishes than originally planned. Condominiums will be approximately 1,000 square feet in size with starting prices of approximately $650,000. Construction of Penniman on the Park will last approximately 14 months.


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