One Greenway, a Class A high-rise multi-housing property located along the southern end of the Rose Kennedy Greenway in Boston’s Chinatown neighborhood, has broken ground.
HFF worked on behalf of the borrower, an affiliate of New Boston Fund, Inc., Urban Strategy America Fund LP, and the Asian Community Development Corporation to secure a $104 million construction loan through PNC Bank, People’s United Bank, and Boston Private Bank & Trust. HFF also arranged a $10.7 million equity investment from National Real Estate Advisors.
Due for completion in Summer 2015, One Greenway’s North Building will consist of a 21-story, 217-unit market-rate rental unit tower portion, a 10-story, mid-rise portion with 95 affordable-rate rental units, a 135-space, below-grade parking garage, and approximately 3,300 square feet of retail and 5,000 square feet of community space. Also included in the development is a new 1/3 of an acre public park. The 1.5-acre site is located at the intersection of Kneeland and Hudson Streets adjacent to the Rose Kennedy Greenway and close to the Financial District and South Station.
Janelle Chan, executive director of the Asian Community Development Corp., said in a statement: “One Greenway is a triumph for the Chinatown community and for those who believe a vibrant, thriving downtown Boston benefits from diversity. It’s wonderful to accomplish such a tremendous milestone after years of planning.”
New Boston vice president Sean Sacks added: “We’re seeing a tremendous amount of development activity during this period of transition all around Boston, and we’re proud to bring this block of Chinatown back to life while also retaining the character of the neighborhood and former mixed use of this parcel for homes and small businesses. Also, the fact that One Greenway is so close to South Station will make it incredibly attractive to the growing demographic looking to live in a convenient downtown location near all the amenities that come with city living, one being access to public transit.”
Rendering by ADD Inc.