Federal Capital Partners Provides $14.5M in Construction Financing For Development Of 33-Unit Luxury Condominium
CHEVY CHASE, MD Federal Capital Partners (FCP) announces the closing of a $14.5 million senior construction loan for the development of the 33-unit, 170 West Broadway luxury condominium in the South Boston submarket of Boston, Massachusetts. The loan was funded by a partnership with Boston-based, The Grossman Companies to KEMS Development Company, an experienced Boston developer that has completed more than 180 residential condominium units in recent years.
"FCP is excited to enter the Boston market with such a well-conceived project in a very desirable location," said FCP Senior Vice President, E.J. Corwin. "FCP's partnership with locally-based The Grossman Companies has enabled the project to start and allow KEMS Development Corporation to deliver another signature Boston project."
"This is a fantastic project in a thriving, urban location. We are excited that we were able to provide - in a short time frame - an attractive financing solution to KEMS," said David Grossman, Co-President of The Grossman Companies. "As one of the most active private lenders in New England, we are equally enthused by our new partnership with FCP and look forward to closing future transactions in partnership with the FCP team."
170 West Broadway will consist of 33 one- and two-bedroom luxury condominiums, including eight penthouses with rooftop decks, below-grade garage parking, and 5,000 square feet of ground floor retail space. Construction began in August 2015 with a delivery expected in the fourth quarter of 2016. Located near the MBTA Red Line Broadway Station, in an established neighborhood popular with families and young professionals, 170 West Broadway is convenient to downtown Boston and the Seaport District.