Boston Residential Group has secured $90 million in financing for the development of 55 India St., the last available site on Boston’s Greenway. The project will consist of a 12-story condominium tower with a modern glass facade, spanning 76,000 square feet. Additionally, there will be a street-level restaurant space measuring at 4,000 square feet and 30 owned parking spots adjacent to the site.
The construction financing is being provided by Bank OZK’s real estate specialties group while Hickory CRE is providing mezzanine financing. Although BRG submitted an updated project plan in early-2019 and received permits for it, construction was put on hold due to the pandemic.
“We are excited to move forward with our plans for developing 55 India St., which includes offering homeownership opportunities specifically tailored towards artists,” said Curtis Kemeny, CEO of BRG. “While market conditions have posed challenges post-COVID in terms of construction costs and financing availability, demand remains strong for downtown Boston condos – especially those located near waterfront areas like this one.”
