The Henry
Update
05/26/17
GFC acquires approved 20-unit Fenway condominium development for $4.2 million
Luxury residential developer GFC Development of Somerville has acquired 50 Symphony Road, a 6,000-square-foot (0.14-acre) development site approved for construction of a 20-unit condominium building, for $4.2 million. The sale amounts to $30 million per acre; the site's seller is Boston Union Realty, who acquired the site for $3 million, or $21,428,571.40 per acre, in June 2011 and received approval to construct the building in 2013. The 5-story approved building is designed by local developer, architect and general contractor Urbanica. 1010 Holdings LLC, a Las Vegas limited-liability company managed by Lance Kurness, provided $1.6 million of mortgage financing for GFC's acquisition of 50 Symphony Road. GFC is currently building Arya, a 32-unit luxury condominium building in South Boston.
