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Archstone Avenir Lands $90M Loan

BOSTON-The 241-unit multifamily community is picking up a 36-month construction loan from NEBF Investments.

By Ryan Clark | Updated on September 04, 2008

BOSTON-Archstone Avenir–the 241-unit multifamily community–is securing a $90-million construction loan from National Electrical Benefit Fund Investments. The 36-month loan will be in addition to the $149-million equity investment and co-development agreement between Archstone and Trinity Financial, which was taken in July of this year for the development of the project. Managing director of Holliday Fenoglio Fowler LP, Jody Thornton, director Anthony Cutone and associate director John Ahmed worked on behalf of Archstone to secure the loan. The other terms of the loan were not disclosed. Archstone did not respond to GlobeSt.com inquiries by deadline.

The project–at 101 Canal St.–is in the Bulfinch Triangle here and will add 28,000 sf of street-level retail along with a 115-space parking garage, in addition to the multifamily units. The property is located near the TD Banknorth Garden with access to the Orange and Green lines.

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