HFF arranges $90 million construction loan for Archstone Avenir in Boston

The Boston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they arranged a $90 million construction loan for the development of Archstone Avenir, a 241-unit multifamily community in Boston, Massachusetts.

HFF executive managing director Jody Thornton, director Anthony Cutone and associate director John Ahmed worked exclusively on behalf of Archstone to secure the 36-month construction loan through NEBF Investments (National Electrical Benefit Fund). HFF previously arranged a $149 million equity investment and co-development agreement between Trinity Financial and Archstone for the development of the project.

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.

“Archstone Avenir is an exciting new mixed-use development, which will further enhance the vibrant atmosphere of the Bulfinch Triangle neighborhood. Situated along the Rose Kennedy Greenway at the confluence of Government Center, the Financial District, the North End and Beacon Hill, the property enjoys what is arguably the best multifamily location in downtown Boston,” said Cutone.

Archstone is a recognized leader in apartment investment and operations. The company’s portfolio is concentrated in the most desirable protected coastal markets including the Washington, D.C. metropolitan area, Los Angeles area, San Diego, San Francisco Bay area, New York metropolitan area, Seattle and Boston. Archstone owns or operates over 92,000 units in the U.S. and Germany, including its development pipeline