HFF Announces $341M in Construction Financing and Joint Venture Equity for Development of The St. Regis Residences, Boston in Seaport District

Oct 16, 2018 04:17 pm

Holliday Fenoglio Fowler, L.P. (HFF) announces $341 million in construction financing and joint venture equity for the development of The St. Regis Residences, Boston, an iconic, luxury waterfront condominium tower located on one of the last remaining developable waterfront parcels in downtown Boston.

The HFF team worked as an exclusive advisor to the developer, Cronin Development, to secure $306.5 million in construction financing from JPMorgan Chase Bank, N.A. Additionally, HFF advised Cronin Development in structuring a joint venture equity partnership for $34.5 million with a private equity partner, the JCM Opportunity Fund I, LLC, a subsidiary holding of Joyal Capital Management led by Gary F. Joyal, CEO and managing partner.

With 114 units spread over 22 stories, The St. Regis Residences, Boston features a twisting and angular contemporary design evoking billowing sails in a nod to its nautical location. Every single residence in this architecturally significant building offers sweeping views of Boston or Boston Harbor as well as extensive access to outdoor space. The Residences will also include underground parking, a two-story signature restaurant, five-star amenities and customized services for owners.

The HFF debt and equity advisory team representing the borrower included senior managing director Riaz Cassum, senior director Brett Paulsrud and associate Andrew Gray.

“The Seaport will now have its first and only truly luxury residential building in the St. Regis Residences thanks to the vision of Jon Cronin and his team,” Cassum said.

“This has been a very exciting project to be a part of,” Paulsrud added. “With its unique design and location, The St. Regis Residences, Boston will be unlike any residential development ever built in the City, serving as an iconic landmark on the Boston skyline.”

About Cronin Development

Founded in 1995, Boston-based Cronin Development is driven by a sustained dedication to world-class design with a community-oriented outlook. With two decades of development success under the leadership of Principal Jon Cronin, the company remains entrepreneurial, disciplined, and steadfast in its mission to develop leading human experiences in residential, commercial and retail environments. For more information, visit www.cronindevelopment.com.

The St. Regis Residences, Boston are not owned, developed or sold by Marriott International, Inc. or its affiliates ("Marriott"). 150 Seaport LLC uses the St. Regis marks under a license from Marriott, which has not confirmed the accuracy of any of the statements or representations made about the project.

About Joyal Capital Management, LLC

With nearly thirty years of experience, Joyal Capital Management, LLC represents high-net-worth individuals and family-owned businesses on mergers and acquisitions, financing, private equity, estate planning and family office services. The JCM Opportunity Fund I, LLC, JCM’s private equity subsidiary, focuses on QSR franchise and strategic real estate investments.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

Riaz Cassum, (617) 338-0990
HFF Senior Managing Director
Brett Paulsrud, (617) 338-0990
HFF Senior Director
Kristen Murphy, (617) 338-0990
HFF Director, Public Relations