Updated Jan 28, 2025
Blackstone Secures $90 Million Loan For Acquisition Of One Greenway In Boston
99 Kneeland Street
$90,000,000
Units
217
Asset Type
MultiFamily
Closing
Jan 27, 2025
About this deal
AI
One Greenway is a 21-story, 217-unit luxury apartment tower located at 99 Kneeland Street in Downtown Boston, MA. Blackstone secured a loan amount of $90 million for its acquisition through its subsidiary AIR Communities.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $90,000,000
- Lender: U.S. Bancorp
- Landlord: Jonathan Gray, Ken Caplan & Kathleen McCarthy - Blackstone
- Brokers: Adam Spengler, Thomas Traynor & Tom Rugg - CBRE
The transaction involved key participants from Blackstone, comprising Jonathan Gray, Ken Caplan, and Kathleen McCarthy as landlords. The brokerage services were provided by Adam Spengler, Thomas Traynor, and Tom Rugg from CBRE, representing the deal in connection with the acquisition financing.
On the Map
$90,000,000
MultiFamily
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Players
Boston MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93