Fortis Property Group, a New York City-based real estate operating and development company, announced the closing of an $87.5 million construction loan to finance the construction of its LaGrange Street residential development in Downtown Boston.
Apollo Global Management, on behalf of Athene Holdings, and Arden Group, through their discretionary fund affiliate Arden Credit Fund LP (ACF), provided the $87.5 million construction loan package.
Located at 47-55 Lagrange Street, the 21-story, 169,574 s/f luxury residential rental property, with 1,364 s/f of street level retail, will offer 148 market rate apartments and 22 affordable studio, one and two-bedroom apartments.
Jonathan Landau, CEO of Fortis Property Group, said, “This building will be extraordinary and highly amenitized. The apartments were perfectly laid-out and proportioned by Stantec and designed with beautiful luxurious finishes by superstar interior designer Linda Zarifi. We expect the final product to exceed the standard of multi family luxury in Boston and help meet the growing demand for residential housing in the city center.”
“We are confident LaGrange Street Residential Development will become a sought-after residence given its excellent location, outstanding amenity package, and beautifully designed common areas”, added Matt Toukatly, Vice President at the Arden Group.
Stantec is the architect of LaGrange, and Zarifi is the interior designer. The building will include a a hospitality style lobby with a feature wall linear fire place and lounge seating, a billiards room, a bar and chef’s kitchen, a screening room, a 1,300 s/f roof top deck, penthouse level fitness center.
Groundbreaking for the project is scheduled for this month with expected completion late 2021.