Cushman & Wakefield Arranges $55.8 Million Joint Venture for Beal/Street-Works Team on New Quincy Center
Quincy, MA – January 30, 2013 – (RealEstateRama) — As exclusive advisor to Hancock Adams Associates, Cushman & Wakefield’s Equity Debt and Structured Finance group has arranged a $55.8 million equity investment for the development of Merchants Row, the first component of the over 3.5 million square foot New Quincy Center re-development, located in Quincy, Massachusetts. LaSalle Investment Management is joining Street-Works Development LLC and The Beal Companies, LLC, the co-master developers of New Quincy Center, in providing the equity for Merchants Row.
Scheduled for completion in mid-2014, Merchants Row is the first major block of mixed-use development and pedestrian-friendly public space being constructed within the new Quincy Center master development plan. Merchants Row consists of 306 loft units in two buildings along with more than 35,000 square feet of street retail and 24,000 square feet of office in the historic Granite Trust building. The construction of Merchants Row will take place in conjunction with the execution of the new Adams Green public space, which will encompass the resting place of the American Presidents John Adams, John Quincy Adams and their wives, and will link Merchants Row to the MBTA Red Line station in downtown Quincy.
Richard Swartz, Executive Managing Director of Cushman & Wakefield Equity, Debt and Structured Finance said, “LaSalle recognized the significant value that the Beal/Street-Works team created through their entitlement work as well as the site’s transit oriented nature.”
“New Quincy Center is without a doubt one of the premier urban mixed-use projects in the US and the Beal/Street-Works team has worked hard to ensure that Merchants Row fully embodies that design philosophy, bringing together office, retail and residential.” said Jay Wagner, Senior Director of Cushman & Wakefield Equity, Debt and Structured Finance.
The Cushman & Wakefield Equity, Debt and Structured Finance team included Richard Swartz, Jay Wagner and Sridhar Vankayala.
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Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Manchester, New Hampshire; Hartford and Stamford, Connecticut; and Portland Maine.
About Cushman & Wakefield Equity, Debt & Structured Finance – Cushman & Wakefield Equity, Debt & Structured Finance is a premier real estate investment banking organization serving the financing needs of the real estate industry for over a century. Founded in 1893, and previously known as Sonnenblick Goldman Company, the firm provides a full range of real estate related financial services, including debt and equity placement and joint venture structuring for virtually all product types, investment sales for lodging properties and senior housing/skilled nursing, mortgage loan sales, and advisory services on a global basis as part of the Cushman & Wakefield Capital Markets Group. Headquartered in New York City, Cushman & Wakefield Equity, Debt & Structured Finance has additional offices in Atlanta, Boston, Chicago, Los Angeles, Orlando, San Diego, San Francisco and Washington DC.
About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
