Vacant Retail Building On the Border of the North End and Bulfinch Triangle Refinanced for $2M
Developer Ad Meliora has refinanced the vacant retail space along North Washington Street in Boston's North End. Located steps away from the TD Garden, Government Center and the North End the property benefits from excellent accessibility and it’s proximity to the revitalization of nearby North Station and Bullfinch Crossing. The financing was arranged by real estate capital advisory firm, FinanceBoston.
“This closing was completed by leveraging our relationships with local banks to provide a tailored bridge loan for our client,“ said Brian Rooney, Associate at FinanceBoston. “We’re excited to see the changes our client makes to improve the property and the streetscape”.
Hyde Park Development Under Official Review
Residence at Readville Station located in Boston's Hyde Park neighborhood is now under official review.
The proposed redevelopment program consists of the construction of approximately 305 residential units in two buildings providing a mix of rental and homeownership, with accessory garage parking for 221 vehicles. Including 4,200 square feet of restaurant/retail space with other amenities and services for building residents.
Construction is expected to start in the fall of 2019 and take 18-months to complete.
FinanceBoston Positions $3,300,000 Pre-Development Loan for the Emerging Boston Neighborhood of Hyde Park
FinanceBoston, a Real Estate Capital Advisory Firm, announced the successful financing of a $3,300,000 Pre-Development plan in the Hyde Park Neighborhood of Boston. FinanceBoston worked with Developer, Ad Meliora LLC, to identify, structure, and negotiate financing for the mixed-use project through entitlements.
Boston is seeing greater levels of development near rail systems as employees prefer alternative transit options. Recognizing this trend, Managing Partner Fergal Woods commented, “Given the site's proximity to the Readville train station, this will unlock additional development capacity in the Hyde Park neighborhood.”
FINANCEBOSTON- a Real Estate Capital Advisory firm with roots in Boston. FB works with cutting-edge developers to help them unlock the potential of their neighborhoods.
FinanceBoston is pleased to work with both new and established developers, those who share the vision and ambition to realize the potential for high-quality neighborhoods in the Boston area and beyond. At every stage of the business cycle, FB will help source the appropriate financing, manage its deployment and ensure the successful delivery of the project.
FinanceBoston Secures Construction Financing for New Development in Winchester
FinanceBoston has secured construction financing and limited partner equity for 40 Elmwood Avenue in Winchester. The 40 Elmwood Avenue project, which was permitted last week, is being developed and built by Boston based Ad Meliora. The project will feature a three-story residential building containing 14 two-bedroom condos. The 10,000 square foot site is ideally located in Winchester Center close to public transit.
Fergal Woods of FinanceBoston told BLDUP “This is an exciting opportunity for Ad Meliora. We enjoy working with them and wish them continued success on this and future projects.”
Letter of Intent Filed for Hyde Park Site
The proposed redevelopment program includes the construction of approximately 300 residential units in two new buildings, providing a mix of rental and homeownership, with accessory parking spaces, amenities, and services for building residents.
The property is a 119,034 square foot industrial-zoned parcel currently occupied by Orleans Packing Company.
Developer buys 119,034 square foot Hyde Park parcel next to Readville transit station for $2.1 million
Local developer Ad Meliora has acquired 1717 Hyde Park Avenue, a 119,034 square foot parcel in Hyde Park located next to the Readville transit station on the MBTA Fairmount Line. Sale price was $2.1 million.
UPDATE: Universal Hub reports that Ad Meloria recently held an informal community meeting in which preliminary plans were presented for a 240-unit apartment building at 1717 Hyde Park Avenue. 31 units would be designated affordable and rented to households making no more than 70% of area median income (AMI).
Three buildings rising up to five stories are currently proposed along with a five-deck parking garage with 400 parking spaces. The buildings would have special insulation to buffer noise from passing trains. A formal Letter of Intent has not yet been filed for the project. The following is a preliminary rendering by project architect Prellwitz Chilinski:
Ad Meliora is currently co-developing Washington Village, a major proposed South Boston development project that would bring approximately 650 residential units and 98,600 square feet of retail space to Andrew Square across 217,800 square feet of land. The following is an aerial view of the proposed Washington Village:
Ad Meliora also owns 511 Dorchester Avenue, a potential development site in Andrew Square totaling approximately 279,050 square feet.
Ad Meliora is the third developer to invest in Hyde Park of late. G. Greene Construction Co. recently bought an 87,780 square foot parcel at 1591-1619 Hyde Park Avenue, steps from 1717 Hyde Park Avenue, for $2.1 million. HP Properties LLC recently bought two adjacent parcels in Hyde Park's central business district totaling 18,685 square feet for a combined $1.2 million.
The following is the deed for the sale of 1717 Hyde Park Avenue to Ad Meliora:
More information about 1717 Hyde Park Avenue is posted below.