BOSTON — Northwestern Mutual has provided $191 million in construction financing for The Van Ness, a 762,000-square-foot, mixed-use project located in Boston’s Fenway Triangle neighborhood.
HFF worked on behalf of the borrower, a joint venture between Samuels & Associates and institutional investors advised by J.P. Morgan Asset Management, to secure the long-term, fixed-rate financing.
The Van Ness project includes 172 residential units situated above a three-story, 169,000-square-foot Target department store. The property will also include 31,000 square feet of ground-floor retail, an 11-story, 233,000-square-foot, Class A office tower and 506 parking spaces. The development is located at 1325 Boylston St. and is within walking distance of the Longwood Medical area near Kenmore Square and Boston’s Back Bay neigborhood.
“With The Van Ness, Samuels will continue his vision for the Fenway neighborhood to be a premier live/work/play destination in Boston,” says Greg LaBine, who led the HFF team representing the borrower. “The combination of high-quality residences, first-class office space and superior shopping anchored by Target make this a welcome addition to Fenway.”
Boston-based Samuels & Associates is a commercial real estate firm focused on retail and mixed-use projects. During the past 10 years, Samuels has developed 776 new Class A multifamily units, 90,000 square feet of office/medical space and more than 50,000 square feet of new retail space in the Fenway Triangle neighborhood.