Los Angeles (July 12, 2016) – Canyon Partners Real Estate LLC (“Canyon”) announced it has provided $12.7 million in subordinate financing to fund the development of The Boulevard, a 12-story luxury residential condominium project located directly along the Rose Kennedy Greenway, across from Rowes Wharf. The project, which is being developed by a team led by New Boston Ventures, will endeavor to serve the significant new housing demand from residents living in and moving to the downtown Boston area.
The Boulevard, designed by award-winning architectural firm Finegold Alexander, will comprise 31 market rate units, five artist live-work units, 3,550 square feet of retail space and 48 parking spaces. The market rate units will offer high quality finishes, including wood flooring, quartz countertops, European cabinetry and premium-brand appliances. Units above the sixth floor will command waterfront views of Boston Harbor. The development will also include the restoration of an historic Bullfinch building façade. The project, located at 110 Broad Street, commenced construction in May 2016 and is scheduled for completion in early 2018.
Canyon has a long track record of deploying debt and equity capital for commercial real estate transactions in the Boston area, having invested over $200 million in the past ten years. Past projects have included Mezzo Lofts, NorthPoint, and Twenty|20.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC (Canyon) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.0 billion of capital in over 235 commercial real estate and mortgage transactions with a total capitalization of $16.0 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages over $20.5 billion of assets. For more information visit: www.canyonpartners.com.
About New Boston Ventures LLC
New Boston Ventures is a boutique real estate and housing developer specializing in residential and mixed-use projects. With over 25 years of experience, the firm has successfully developed over 50 properties in the greater Boston area, across market cycles, creating value for investors. The New Boston Ventures team is experienced leading many historic redevelopment projects and award-winning historic restorations. For more information, visit www.newbostonventures.com.
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