$56M construction financing secured for speculative mixed-use Newbury Street project
JLL Capital Markets led financing efforts for the development of 149 Newbury Street, a five-story retail and office building in Boston’s Back Bay neighborhood
BOSTON, Feb. 7, 2022 – JLL Capital Markets announced today that it has arranged $56 million in construction financing for the development of 149 Newbury Street., a fully-approved, 43,500-square-foot retail and office development in Boston’s Back Bay neighborhood.
Working on behalf of the borrower, L3 Capital, JLL placed the three-year loan with Bank of New England and Needham Bank.
149 Newbury Street will be a ground-up development of a five-story building housing approximately 16,000 square feet of retail and 27,500 square feet of office space. The project is set to break ground in February with delivery anticipated in Q2 2023.
The property is positioned in the heart of Back Bay at the intersection of Newbury Street and Dartmouth Street. This places the property within walking distance of all of the nearby amenities in the Back Bay, Fenway and Downtown neighborhoods, including high-end retail shops, restaurants and numerous hotels as well as the Hynes Convention Center, Copley Place, Prudential Center and the Boston Common and Public Gardens. 149 Newbury Street is easily accessible to Boston’s MBTA subway system and is just a few blocks from the entrance to Interstate 90 with connections to Interstate 93.
The JLL Capital Markets team representing the borrower was led by Senior Director Jonathan Schneider and Associate Michael Morretta. Managing Directors Patrick Nugent and Bryan Sparkes from JLL’s Brokerage group will lead the office leasing activities.
“The combination of topflight ownership, exceptional location and the draw of new state-of-the-art construction will undoubtedly make this project a huge success,” Schneider said.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
L3 Capital is a best-in-class, boutique, prime urban retail and mixed-use real estate investment firm that targets institutional quality core-plus and value-add urban retail investments within first tier metropolitan markets. For more information, please visit: l3capital.com.