The Fallon Co. has secured $116 million in construction financing for Twenty Two Liberty on Boston's Fan Pier
The Seaport District has attracted an immense amount of attention over recent times with all of the new developments that are coming to the area. Even most recently we reported about the future plans of Parcel K, and the grand opening of the 236-unit Waterside Place in the Seaport District. Now, the latest headline coming from this ever-changing landscape of the Hub comes to us as the future development known as Twenty Two Liberty has just secured a $116 Million loan for its construction through Wells Fargo Bank.
To be located on Fan Pier, this development, by Joseph Fallon, will be a 14-story luxury residential tower that will be comprised of 118-units. Now that financing is in place, this development joins others in the grand venture between The Fallon Co., the Massachusetts Mutual Life Insurance Co., and Cornerstone Real Estate Advisers that will see upwards of $3 Billion invested in Fan Pier. This area of the Seaport spans 21-acres and nine city blocks and is officially one of the countrys largest mixed-use development sites.
At Twenty Two Liberty there will be units ranging from 500-2,900 square feet. These luxury residences will start at about $700,000 ($1,400/square foot), and will go up to roughly $2,000/square foot. At a time when the available inventory is rather low, word that yet another spectacular residential tower is soon to be built serves as brilliant news for the city of Boston.
More Information: Boston Business Journal
