Demonstrating a continued dedication to the thriving Boston real estate landscape, the private equity firm has committed funds to support another notable commercial property deal in the city
BOSTON, Nov. 20, 2023 /PRNewswire/ — Cottonwood Group (“Cottonwood“), a private equity real estate investment firm, is pleased to announce it has lent $240 million in senior mortgage financing to the St. Regis Residences, Boston luxury multifamily tower developed by Cronin Development in the city’s thriving Seaport District.
“We are delighted to be part of the prestigious St. Regis Residences, Boston as a capital partner alongside Cronin Development,” said Alexander Shing, Chairman and CEO of Cottonwood Group. “Our optimism for Boston is fueled by the triumph of our EchelonSeaport project. The St. Regis Residences, Boston is just one of our many ongoing investments in the city, and we are excited to collaborate with Jon Cronin to sustain the positive momentum that has established the Seaport as one of Boston’s premier living destinations.”
The investment reflects not only the firm’s commitment to the flourishing Boston real estate market, but also its capacity to provide senior financing for large-scale, luxury developments.
“We are excited to partner with Cottonwood as we enter the final phase of our sell-out at The St. Regis Residences, Boston,” said Jon Cronin, CEO of Cronin Development. “Cottonwood’s successful execution on the EchelonSeaport project, directly across the street from St. Regis, speaks for itself. As a result, Cottonwood was able to quickly understand our investment thesis and execution needs to completion. Given our shared belief in the long-term value of Boston’s commercial real estate market, we look forward to finding other opportunities to expand the relationship.”
Simultaneously, in New York City, Cottonwood collaborated with Madison Realty Capital who provided senior financing while Cottonwood offered a $50 million mezzanine loan for Boris Kuzinez’s Five Points Development located at 262 Fifth Avenue. This asset, renowned as the city’s skinniest supertall residential building, highlights Cottonwood’s ability to navigate and contribute to complex projects within its target markets.
Shing stated, “Our ability to provide senior financing in Boston and mezzanine financing in New York City showcases the breadth of our platform. At Cottonwood, we continually seek opportunities throughout the capital structure, identifying the optimal risk-adjusted returns for our investors, while delivering creative solutions to our clients.”
While the industry experiences a widespread slowdown, Cottonwood sets itself apart by adopting a forward-looking approach to deliver financing solutions meticulously crafted for each project’s individual needs.
About Cottonwood Group: Headquartered in Los Angeles, Cottonwood is a private equity real estate investment firm focused on equity and debt opportunities across all property sectors and geographies. The firm’s ability to act as a lender, investor, operator and sponsor of real estate investments of all sizes and complexities is fundamental to delivering a risk-adjusted absolute return for investors. Investing out of its discretionary funds and separate institutional accounts, Cottonwood targets U.S. real estate opportunities with a capitalization of up to $1 billion. Cottonwoodmgmt.com
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SOURCE Cottonwood Group
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