Dealmaker: JLL Secures $56M for Boston Construction Financing

JLL Capital Markets, Chicago, arranged $56 million in construction financing to develop 149 Newbury Street, a 43,500-square-foot retail and office development in Boston’s Back Bay neighborhood.

Representing borrower L3 Capital, Chicago, JLL placed the three-year loan with Bank of New England, Salem, N.H., and Needham Bank, Needham, Mass.

149 Newbury illustration courtesy of JLL/Nelson

When complete, 149 Newbury Street will be a five-story building housing 16,000 square feet of retail and 27,500 square feet of office space. The project is set to break ground this month with a second-quarter 2023 delivery anticipated.

The property is at the intersection of Newbury Street and Dartmouth Street, within walking distance of the Back Bay, Fenway and Downtown neighborhoods, including the Hynes Convention Center, Copley Place, Prudential Center and the Boston Common and Public Gardens.

The JLL Capital Markets team representing the borrower was led by Senior Director Jonathan Schneider and Associate Michael Morretta. Managing Directors Patrick Nugent and Bryan Sparkes from JLL’s Brokerage group will lead office leasing activities.