HOUSTON, TX - JLL Capital Markets announced today that it has arranged a $6 million construction loan for the development of 80 Terrace Street, a nine-unit, boutique, for-sale condominium building in the Mission Hill neighborhood of Boston.
JLL worked on behalf of the developer, Primary Development, to secure the floating-rate construction loan through Centreville Bank.
80 Terrace Street will feature 21,000 gross square feet, including nine two-bedroom/two-bathroom for-sale condominium units, one commercial unit and nine parking spaces. The Mission Hill area is a rapidly developing area of the Boston Metro catering to high-earning professionals located within walking distance to the Longwood Medical area and an 18-minute commute into downtown Boston. The project, which is due for completion in the first quarter of 2021, will feature distinctive architecture with plentiful windows and energy-saving finishes. The property will include a secured parking garage with all spaces equipped with electric car charging ports. Units will feature 10-foot ceilings throughout, high-quality casement windows, premium appliances and finishes, elevator access and a shared roof deck with a green roof. The commercial component can be divided into six office studios connected to a common kitchenette area.
The JLL Capital Markets team representing the borrower was led by Directors Martha Nay and Michael Johnson. Vice President of Commercial Lending Craig Schermerhorn represented Centreville Bank.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Primary Development: Primary is a design and real estate development company. The Brooklyn-based company designs the projects it builds. Primary works with partners to oversee a project from site selection to finished product, including development strategy, site selection, concept design, community engagement, financing, project management and marketing.
About Centreville Bank: Centreville Bank is a $1.3-billion-asset commercial and consumer bank founded in 1828 to serve the needs of the manufacturing community in central Rhode Island. Based in West Warwick, Centreville Bank provides a comprehensive suite of commercial and retail lending and depository services with an experienced commercial lending team offering partnership, guidance and support to sponsors and business owners throughout Rhode Island, Eastern Massachusetts, and Connecticut. Learn more at centrevillebank.com or call 401.821.9100.
About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com