Boston Residential Group has secured $90 million in financing to develop the last available development site on the Greenway in downtown Boston. The project, located at 55 India St., will consist of a 12-story condominium tower with a modern glass facade. In addition, there will be a street-level restaurant space measuring 4,000 square feet and 30 owned parking spots adjacent to the site.
The construction financing for this project is being provided by Bank OZK’s real estate specialties group, while Hickory CRE is providing mezzanine financing. Despite having submitted an updated plan for the project back in 2019 and receiving permits, BRG had to put it on hold due to the pandemic.
BRG CEO Curtis Kemeny expressed excitement about moving forward with their plans for developing 55 India St., which includes offering homeownership opportunities specifically targeted towards artists. He also acknowledged that market conditions have been challenging post-COVID when it comes to construction costs and securing financing; however, he believes that demand for downtown Boston condominiums remains strong as supply continues to be limited in areas such as waterfront properties and Seaport district developments.
