Boston-Area Arsenal Yards Development Receives $109M
- Jun 18, 2018
A group of institutional investors, advised by J.P. Morgan, have invested a total of $109 million in the upcoming Arsenal Yards development in suburban Boston. Approved in 2017 by the Watertown Planning Board, the large-scale, mixed-use project is currently under construction.
Developed by Boylston Properties and The Wilder Cos., the first phase is slated for completion in 2019. Located in Watertown, Mass., Arsenal Yards will create more than one million square feet, including:
- 250,000 square feet of retail and dining
- 200,000 square feet of new and existing office and lab space dubbed YardWorks
- 425 residences at Blvd & Bond
- 150-key Hampton by Hilton
- The Fitness Collection
- a revitalized Arsenal Park with improved access to the Charles River
Roche Bros. and The Majestic Cinema will anchor the project’s retail component. The development also received $222 million in construction financing, with Wells Fargo Bank as the main financer.
“We identified East End Watertown as having tremendous potential for growth and Boylston Properties’ experience redefining the metro-Boston landscape solidifies our confidence in the investment,” said Jeremy Hopkins, vice president, Real Estate Americas, J.P. Morgan Asset Management, in prepared remarks. “The area’s proximity to Boston and Cambridge, coupled with Arsenal Yards’ mixed-use offerings create the quintessential urban lifestyle, ultimately driving market demand.”
Renderings courtesy of Prellwitz Chilinski Associates Inc.