New $300M loan from AllianceBernstein secured as the 1M sf mixed-use project nears completion
Thursday, October 6, 2022 – Boston, MA – Boylston Properties, a Boston-based developer of mixed-use properties, today announced that it closed on a $300M loan from AllianceBernstein on August 4, 2022, to refinance a portion of Arsenal Yards, the 1M sf mixed-use development in Watertown, MA. Arsenal Yards has fundamentally transformed the East End of Watertown into a thriving neighborhood and destination for residents, life science employees, and businesses along the Arsenal St. corridor.
“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, as well as to complete the remaining retail storefront work.