New Boston Ventures Secures $59M for The Boulevard Project

The Boulevard condo project is being developed at 110 Broad St., Boston. Credit: Finegold Alexander + Associates

BOSTON—New Boston Ventures has obtained a total of $58.7 million in construction and subordinate financing for The Boulevard luxury condominium development in the Financial District. Holliday Fenoglio Fowler, LP reports it arranged a $46-million fixed-rate construction loan with East Boston Savings Bank and $12.7 million in subordinate financing from Canyon Partners Real Estate LLC on behalf of South End development firm New Boston Ventures. Director Brett Paulsrud led the HFF debt placement team representing the borrower in the transactions. The 36-unit luxury condominium project along Rose Kennedy Greenway was approved by the Boston Redevelopment Authority on April 16 ^, 2015. Demolition work has begun at the site and construction is expected to take 18 months on the project. The 12-story development will feature 36 for-sale residential units, 3,550 square feet of ground floor retail space and 48 below-grade parking spaces.  The building is designed by architectural firm, Finegold Alexander + Associates. The Boulevard unit mix will include one-, two- and three-bedroom units averaging 1,774 square feet each, with five units on the second floor designated as artist live/work studios. There will also be three penthouse units on the 11th and 12th floors with an average size of 3,941 square feet that will also feature an exclusive residents’ lounge. “Boulevard is a unique opportunity for condo dwellers to live adjacent to the most desirable stretch of the Greenway in a newly constructed, boutique luxury building,” HFF’s Paulsrud says. “Traditionally, such living along the Greenway has only been available in larger, more dated buildings and in small traditional walk-ups in the North End. The property will combine excellent views of the Greenway and waterfront with an unrivaled amenity base. Boulevard will be met with exceptional buyer demand.” Officials with New Boston Ventures could not be reached for comment. According to documents filed with the BRA, the development project also includes the restoration of the historic Bullfinch Building at 102 Broad Street. The Bullfinch Building is to be fully integrated with the project and will serve as the residential lobby and residential space. The second building, a five-story commercial building at 110-112 Broad St. is being demolished to allow for the construction of The Boulevard condominium building. New Boston Ventures reportedly acquired air rights from the Boston Redevelopment Authority earlier this month in connection with the project. The Boston Business Journal reports the firm paid the BRA $594,000 for the air rights.