BRG Lands Construction Loan for Condo Project on Boston’s Greenway

Boston Residential Group recently obtained $90 million in financing to develop 55 India St., the last open development site on the Greenway in downtown Boston. BRG will build a 12-story, glass-facade condominium tower at the site. The 76,000-square-foot building will also feature a 4,000-square-foot restaurant space on street level, and 30 owned parking spots directly adjacent to the site.

Construction financing for 55 India is being provided by the real estate specialties group at Bank OZK. Mezzanine financing is coming from Hickory CRE. Although BRG’s updated project plan was submitted as long ago as 2019 and ultimately permitted, the project was put on hold due to the pandemic.

“We are thrilled to be moving ahead with the development plan for 55 India, which includes providing homeownership opportunities for the artist community,” said BRG CEO Curtis Kemeny. “The market conditions for construction costs and financing have been an obstacle to construction starts post-COVID, but the downtown Boston condominium market, including the waterfront and directly adjacent Seaport area, is under-supplied and has never been stronger.”