One Greenway Update 11/19/17

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.

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