Senior Construction Loan Marks FCP Entry to Boston Market
Federal Capital Partners® (FCP) has announced 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, MA. The loan was funded by a partnership with Boston-based, The Grossman Companies to KEMS Development Company, an experienced Boston developer that has completed over 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. Mr. Corwin continued, “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.”
David Grossman, Co-President of The Grossman Companies, said, “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. 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.
KEMS Development Corporation
KEMS is a real estate development company based in Danvers, MA. We have been building and selling single family homes and condominium units in the greater Boston area for over 15 years and have produced over 200 units of housing in that time. KEMS will build and sell over 100 units in the next calendar year. While KEMS is the developer on all of these investments, we also manage all of our construction projects.
About The Grossman Companies
The Grossman Companies (TGCI) is a privately held real estate investment company based in Quincy, MA. TGCI owns and manages an approximate 3 million SF commercial real estate portfolio geographically concentrated in New England. In addition to its real estate investment business, TGCI, through its wholly-owned affiliate First Boston Capital Partners, is one of the most active private lenders in New England, having originated in excess of $200 million in primarily first mortgage loans since 2011. For further information on TGCI, please visit www.grossmanco.com
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com