Mixed-Use

Boylston Properties Announces Refinancing of Arsenal Yards

Watertown, MA – Boylston Properties announced that it closed on a $300 million loan from AllianceBernstein on Aug. 4, to refinance a portion of Arsenal Yards, the 1 million sq. ft. mixed-use development in Watertown.

“The success of Arsenal Yards to date is the direct result of the hard work, vision, and commitment of our team, our partners, and the city officials who helped us get to this point,” said Mark Deschenes, president of Boylston Properties. “We are invested in the longterm success of Arsenal Yards, and this refinancing affords our team the ability to meet the tremendous demand and ongoing development of the East End of Watertown in particular. We are grateful to AllianceBernstein for partnering with us and sharing that vision.”

The transaction was brokered by Eastdil Secured, and Boylston Properties will use the funds to pay off a construction loan from Wells Fargo, and to complete the remaining retail storefront work.

“We love to remind our colleagues, our partners, our investors, and the broader Boston community that we purchased the Arsenal Mall nine years ago in August

Arsenal Yards / Photo by Anton Grassl Photography

2013,” said Bill McQuillan, founding principal of Boylston Properties. “We’re proud of the transformation, not because the road was long or particularly bumpy, but because of the hard work, the trust, and the vision that these esteemed people held for our team and the project at large. This financial milestone is one of many we’ve celebrated this year, and it adds to a list of reasons that we’re extremely proud of Arsenal Yards – for the value that it’s proving to deliver to residents, employees, and the broader Watertown community.”

This realization of the project’s long term potential caps off 18 months of additional milestones, including the completion of base-build construction, the nearly 95% lease rate of Arsenal Yards retail storefronts, 100% lease rate of the nearly 400,000sf of existing and future life science construction, and the ongoing 95% lease rate of the 302 apartments in its Blvd & Bond residential community.

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The Somerset Completes Construction BPDA Approves New Developments

The Somerset

Winthrop, MA – The Procopio Companies announced that The Somerset, the firm’s newest mixed-use development in Winthrop, is now complete and open to residents.

The boutique multifamily development, located at 10 Somerset Avenue, is a 22,000sf, zero lot-line apartment community that brings 29 residential units and 1,119sf of ground-level retail space to downtown Winthrop. As of opening, the property is 35% leased.

The Somerset offers studios, one- and two-bedroom units ranging from 5001300sf. The property features in-demand apartment and community amenities such as private decks, in-home laundry, quartz countertops, a fitness center, coffee bar, garage parking, and bike storage. The building is also pet friendly.

“Our vision for this property was to create a new standard for apartment living in Winthrop, an extremely desirable oceanside town just north of Boston,” said Greg Procopio, executive vice president of Procopio. “The Somerset is a fantastic addition to our competitive portfolio of developments in desirable, transitoriented locations across New England.”

Procopio developed Somerset in concert with Khalsa Design, architect of record; Syndication, equity source; and North Shore Bank, lender. The building is now professionally managed by Charlesgate’s property management team.

244-284 A Street

Boston – The Boston Planning & Development Agency (BPDA) board of directors recently approved four new development projects representing 1,781,159sf. The new projects will support approximately 1,620 construction jobs and 2,875 permanent jobs.

The 244-284 A Street project in Fort Point will build three new buildings and an underground parking garage. The development incorporates significant commitments to affordable housing, open space, civic and cultural space, environmental resilience, and the arts community in Fort Point. The buildings include a mixed-use residential building with 340 units, a commercial building, and a laboratory/research and development facility. Integrated into the building of this development is a flood protection barrier known as a berm, which is intended to be part of a larger resiliency effort to the existing neighborhood in response to the threat of sea level rise and storm surge. The design will also provide a seamless connection from Fort Point Channel to new public parks and public realm improvements to be constructed on the site, and beyond into the larger community.

Located on BPDA-owned land in the Raymond L. Flynn Marine Park (RLFMP), the 24 Drydock Avenue project will build a new 8-story life sciences development, which also includes marine industrial use and supportive uses for

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