Fenway Mixed-Use Project Nails $198M in Financing

BOSTON-Nearly two years after it received city zoning approval, Trilogy, a 575-unit mixed-use project in the Fenway, secures $198 million in financing that will enable construction on the development to move forward. Fenway Ventures LLC, a joint venture of Samuels & Associates and Boylston Properties, is developing the project.

Senior managing directors Fred Wittmann and Todd Stressenger and senior real estate analyst Greg LaBine of the local office of Holliday Fenoglio Fowler, LP arranged the financings. The financing structure of the joint venture included a forward equity takeout commitment from JP Morgan Investment Management on behalf of its clients for the entire project and a forward sale commitment from Harvard University for a condominium interest. The transaction was negotiated by Justin Krebs, a senior acquisition officer at JP Morgan Investment Management.

HFF arranged an $85-million floating-rate construction loan through Keybank and Anglo Irish Bank for Trilogy, in addition to a $113-million, fixed-rate construction/permanent loan through Cigna and Babson Capital Management. “HFF worked successfully with five different sources to arrange the financing of Trilogy,” says Stressenger. “A deal of this magnitude is virtually unheard of in the Boston market.”