Locally-based Cronin Development secured $371 million in construction financing and joint venture equity for the development of the St. Regis Residences, a 22-story condominium tower that's being built on one of the last developable waterfront parcels in downtown Boston.
Riaz Cassum, Brett Paulsrud and Andrew Gray of Holliday Fenoglio Fowler arranged the financing on behalf of Cronin, securing a $306.5 million construction loan from JPMorgan Chase Bank, N.A.
The HFF team also advised Cronin in structuring a joint venture equity partnership for $34.5 million with a subsidiary holding of Joyal Capital Management.
Located at 150 Seaport Blvd., The St. Regis Residences is set to include 114 units, offering a mix of studio, one-, two- and three-bedroom floorplans, according to CoStar data. There will also be a retail portion to the condominium tower, including a restaurant.
Cronin expects to complete construction on the condominium tower in 2020. Boston-based Elkus Manfredi is the project's Architect, while John Moriarty and Associates is the project's general contractor.
