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JLL Secures $56M Construction Financing for Mixed-Use in Boston’s Back Bay
JLL 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.
JLL’s Jonathan Schneider and Michael Morretta represented the borrower, L3 Capital, and 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 Back Bay at the intersection of Newbury Street and Dartmouth Street within walking distance of Back Bay, Fenway and downtown neighborhoods, including high-end retail shops, restaurants and hotels as well as the Hynes Convention Center, Copley Place, Prudential Center and the Boston Common and Public Gardens.
- ◦Development
- ◦Financing
