Watertown, MA – Boylston Properties announced that it closed on a $300 million loan from AllianceBernstein on Aug. 4, to refinance a portion of Arsenal Yards, the 1 million sq. ft. mixed-use development in Watertown.
“The success of Arsenal Yards to date is the direct result of the hard work, vision, and commitment of our team, our partners, and the city officials who helped us get to this point,” said Mark Deschenes, president of Boylston Properties. “We are invested in the long-term success of Arsenal Yards, and this refinancing affords our team the ability to meet the tremendous demand and ongoing development of the East End of Watertown in particular. We are grateful to AllianceBernstein for partnering with us and sharing that vision.”
The transaction was brokered by Eastdil Secured, and Boylston Properties will use the funds to pay off a construction loan from Wells Fargo, and to complete the remaining retail storefront work.
“We love to remind our colleagues, our partners, our investors, and the broader Boston community that we purchased the Arsenal Mall nine years ago in August 2013,” said Bill McQuillan, founding principal of Boylston Properties. “We’re proud of the transformation, not because the road was long or particularly bumpy, but because of the hard work, the trust, and the vision that these esteemed people held for our team and the project at large. This financial milestone is one of many we’ve celebrated this year, and it adds to a list of reasons that we’re extremely proud of Arsenal Yards – for the value that it’s proving to deliver to residents, employees, and the broader Watertown community.”
This realization of the project’s long term potential caps off 18 months of additional milestones, including the completion of base-build construction, the nearly 95% lease rate of Arsenal Yards retail storefronts, 100% lease rate of the nearly 400,000sf of existing and future life science construction, and the ongoing 95% lease rate of the 302 apartments in its Blvd & Bond residential community.