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Archstone gets construction loan for Hub project
Holliday Fenoglio Fowler LP, or HFF, announced today that they arranged a $90 million construction loan for the development of Archstone Avenir, an apartment complex in Boston.
The project's developer, Archstone, is a national company specializing in apartment investment and operations. (The image above is a rendering that was supplied by HFF.)
HFF said in a press release: "Due for completion in Spring 2009, Archstone Avenir will have 241 luxury apartment units, approximately 28,000 square feet of street-level retail space and a 115-space structured parking garage. Intended uses for the retail space include a restaurant, full-service bank and coffee shop. Located at the corner of Canal and Causeway Streets, Avenir is adjacent to the Rose Kennedy Greenway in the Bulfinch Triangle area of downtown Boston. The property is situated above a newly-constructed MBTA subway super station offering access to the Orange and Green lines, and across Causeway Street from the North Station commuter rail station within the TD Banknorth Garden."
HFF, a provider of commercial real estate and capital markets services, said it worked on behalf of Archstone to secure a 36-month construction loan through the National Electrical Benefit Fund, a pension fund for those in the electrical industry.
(By Chris Reidy, Globe staff)
^ Once again, from a purely visual standpoint: unfinished building with cheery insulation looks better than the final product?