One Greenway market-rate apartment component sold to Prudential for $144.5 million
Prudential has paid $144.5 million to acquire the 217 market-rate apartments at the new-construction, 21-story One Greenway tower in Chinatown. Prudential’s acquisition amounts to nearly $666,000 per apartment; market-rate apartments at One Greenway, which opened in Fall 2015, range from 486-square-foot studios to 1,618-square-foot three-bedrooms.
HFF represented One Greenway developers New Boston Fund and Asian Community Development Corporation in the deal and procured Prudential as the buyer. HFF also arranged $114.7 million in financing for the $150 million Phase I One Greenway development, including a $104 million construction loan through PNC Bank, People’s United Bank and Boston Private Bank & Trust and a $10.7 million equity investment from National Real Estate Advisors, in Fall 2013 upon the project’s groundbreaking.
Prudential’s acquisition does not include 66 Hudson Street, an adjacent 10-story mid-rise that was part of Phase I home to 95 affordable apartments, or 88 Hudson Street, a 50-unit affordable condominium building currently under construction that entails Phase II of One Greenway. Phase I of One Greenway also includes 3,300 square feet of retail, with tenants including East Boston Savings Bank, and 5,000 square feet of community space.
41 mixed-income homeownership residences, next phase of Olmsted Green development, break ground in Mattapan
A groundbreaking ceremony was held last week for 41 mixed-income homeownership residences, the next phase of the multi-phased 42-acre, $200 million Olmsted Green development in Mattapan. Construction of the residences, spread across seven two-story buildings, began in March. The residences will include two- and three-bedroom townhouses built to LEED Gold sustainability standards. 22 residences will be income restricted, with the remaining 19 residences offered at market rates. The first of Olmsted Green's latest 41 residences will be delivered in September, with the remainder delivered in phases through April 2018.
Funding for the next phase of Olmsted Green is provided by a variety of sources, including an $8.3 million loan from a bank consortium of Eastern Bank and Boston Private Bank, $2.25 million from the City of Boston and $1 million from MassHousing’s Workforce Housing Opportunity Fund. "This is a proud moment for New Boston Fund and Lena Park Community Development Corporation (CDC) to host this important housing announcement and celebrate our latest milestone in our $200 million redevelopment of the former Boston State Hospital," said Jerry Rappaport of Olmsted Green co-developer New Boston Fund. "Lena New Boston's public/private partnership, and the newly constructed 41-units of mixed-income homeownership, is a prime example of combining private capital and development expertise with community planning, supportive housing and broad public benefits and long term public influence and control of a public asset.”
The expansion of Olmsted Green will bring increased vibrancy and public realm improvements to Boston's culturally-rich Mattapan neighborhood, while creating new homeownership opportunities. “Expanding this award-winning development will allow Olmsted Green to become a vibrant community within Mattapan, said Rev. David Wright, chair of Olmsted Place co-developer Lena Park CDC, in a prepared statement. “Plans are already in the works to add a public art installation, visible to homeowners and passersby.” Olmsted Green will construct approximately 500 mixed-income residences located on the former site of Mattapan’s Boston State Hospital, steps from frequent bus service and a short drive from Forest Hills Station and Interstate 93.
Recently-completed One Greenway stands proudly at the front of downtown Boston's southern skyline! Check out our photograph above of One Greenway as seen recently from the South End at Ink Block.
Previous five photographs above, taken in April 2015, show the final months of construction at One Greenway.