MassDevelopment has joined with M&T Bank, the City of Boston and The Boston Foundation to assemble a $2,460,000 financing package for Jazz Urbane Cafe LLC, supporting the launch of a new jazz club and restaurant in Nubian Square. The venture, branded as JazzUrbane Cafe, is expected to create new jobs while adding an entertainment-focused hospitality use in Boston’s Roxbury neighborhood.
JazzUrbane Cafe is leasing approximately 8,000 square feet on the first floor of the Bruce C. Bolling Building at 2300 Washington St. The property is owned by the City of Boston and serves as a civic anchor in Nubian Square, positioning the new venue within an established municipal asset. The first-floor location will house the national jazz club and restaurant concept that Jazz Urbane Cafe LLC is bringing to market.
The $2,460,000 capital stack is composed of multiple elements and providers. MassDevelopment is supplying a $380,000 equipment loan and is also furnishing a guarantee to strengthen the overall financing package. These funds are intended to support the build-out and fit-out needs associated with launching the club and restaurant operation.
M&T Bank is providing $1,630,000 in loan financing as the senior lender in the structure. That bank financing is being further supported by public and philanthropic credit support. The City of Boston is contributing $450,000 in credit enhancement, and The Boston Foundation is supplying an additional guarantee to help de-risk the transaction for the lending parties.
State Economic Development Secretary Eric Paley, who chairs MassDevelopment’s board of directors, described the initiative as an example of what can be achieved when public, private and philanthropic stakeholders work together on a shared objective. The collaboration is aimed at delivering a new cultural and hospitality destination in Nubian Square while leveraging the city’s ownership of the Bruce C. Bolling Building.
For the commercial real estate sector, the transaction highlights how layered financing, municipal ownership and mission-driven capital can be combined to activate ground-floor space in civic buildings. The involvement of a state development finance agency, a commercial bank, city government and a philanthropic institution illustrates the breadth of participants now engaging to support neighborhood-based hospitality projects. As JazzUrbane Cafe moves forward with its lease and build-out, Nubian Square gains a new dining and entertainment option anchored by a multi-party capital structure.
