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$341M Construction Financing, JV Equity Secured for Boston’s St. Regis Residences

Cronin Development secured $341 million in construction financing and joint venture equity for the development of The St. Regis Residences, Boston. The iconic, luxury waterfront condominium tower is located at 150 Seaport Blvd. on one of the last remaining developable waterfront parcels in downtown Boston.

With 114 units spread over 22 stories, the property features a twisting and angular contemporary design evoking billowing sails in a nod to its Seaport District nautical location. The developer expects to deliver units by 2020.

HFF advised the developer, Cronin Development, in securing $306.5 million in construction financing from JPMorgan Chase Bank, N.A. HFF also advised Cronin in structuring a joint venture equity partnership for $34.5 million with a private equity partner, the JCM Opportunity Fund I, LLC, a subsidiary holding of Joyal Capital Management.

HFF’s debt and equity advisory team representing the borrower included Riaz Cassum, Brett Paulsrud and Andrew Gray.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Development