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Image courtesy of CBT Architects
Construction of a Back Bay office-retail complex will begin this month after a pair of New England banks provided $56 million in financing.
Chicago-based L3 Capital plans a 5-story, 43,500-square-foot complex containing 27,000 square feet of office space and 16,000 square feet of retail at 149 Newbury St., currently occupied by surface parking.
Needham Bank and Bank of New England provided a three-year loan for the project, scheduled for completion in the first half of 2023.
JLL capital markets sourced the financing for L3 Capital, and JLL’s Patrick Nugent and Bryan Sparkes have been named brokers for the office space.
