Boston, MA JLL Capital Markets has arranged a $56 million construction financing for the development of 149 Newbury St., a fully approved 43,500 square foot retail and office development in the city’s Back Bay neighborhood.
Working on behalf of the borrower, L3 Capital, JLL placed the three-year loan with the Bank of New England and Needham Bank.
149 Newbury St. will be a single-storey development of a five-story building housing 16,000 square feet of retail and 27,500 square feet of office space. The project is expected to start soon with delivery scheduled for the second quarter of 2023.
The property is located in Back Bay at the intersection of Newbury St. and Dartmouth St. This puts the property within walking distance of all nearby amenities in the Back Bay, Fenway and downtown areas, including including retail stores, restaurants and hotels. such as the Hynes Convention Center, Copley Place, the Prudential Center and the Boston Common and Public Gardens. 149 Newbury St. is accessible to the city’s MBTA subway system and is located near the entrance to I-90 with connections to I-93.
The JLL Capital Markets team representing the borrower was led by Principal Jonathan Schneider and Partner Michael Morretta. General Managers Patrick Nugent and Bryan Sparkes of JLL’s brokerage group will lead the office leasing business.
“The combination of prime property, an exceptional location and the appeal of state-of-the-art new construction will undoubtedly make this project a huge success,” said Schneider.