A 149-unit development by Boston-based Jones Street Investment Partners has joined the pipeline of housing projects under way near Boston Landing.
Jones Street Investment Partners received a $53.4 million loan from Cambridge Savings Bank and Barings for the project, which broke ground in April at 35-43 Braintree St.
Boston Realty Advisors’ Managing Director Nicholas Herz sourced the financing, and BRA previously sourced the off-market acquisition of the site for Jones Street.
Approved by the Boston Planning and Development Agency in May 2021, the project replaces a parking lot and warehouse with a seven-story building designed by Cambridge-based architects PCA.
Founded by CEO Matt Frazier and Chief Investment Officer Matt Ranalli in 2014, Jones Street has acquired and developed more than 4,500 multifamily housing units in six states.
Opening of the MBTA’s Boston Landing commuter rail station in 2017 has generated demand for redevelopment of nearby properties for large-scale multifamily projects.
New England Development and Southside Investment Partners broke ground last winter on the first phase of the 1.2 million-square-foot Allston Yards project, which will include 868 multifamily units and an office-lab building at the Stop & Shop Supermarket property on Everett Street.