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Long-Awaited Fenway Center Development to Break Ground Mid-January

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Locked in development purgatory for almost two decades, the 1.1 million-square-foot Fenway Center project is finally slated to begin construction. The announcement came this week from the Massachusetts Department of Transportation, which has closed a $21 million, 99-year lease with developers John Rosenthal and Gerding Edlen. Rosenthal and Gerding Edlen secured a building permit and closed on a $240 million construction financial package so that the first phase of the project may begin as soon as possible.

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Download Our 2015 Boston Real Estate Annual Market Report

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2015 was a game-changing year in Boston real estate. We saw the continued development of Downtown and the Seaport, while neighborhoods like Somerville and Dorchester saw their prices reach new levels. One thing is for sure, Boston is hotter than ever and that trend is expected to continue throughout 2016. If you’re a home-owner curious about the value of your home or someone looking to make a move to the city,  our 2015 Boston Real Estate Annual Market Report will be a valuable resource to you. Broken down by neighborhood, this report will paint a vivid picture of the city’s current market conditions.

 

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Fenway Condos Sell At Auction

audubon parkAn affiliate of the Davis Cos. has scooped up the remnants of a soured condominium project in Boston‘s Fenway neighborhood for $13.51 million.

The company purchased 41 unsold units at the Audubon Park development at a foreclosure auction yesterday.

“We think this is a great opportunity,” said Jonathan Davis, CEO of the Davis Cos. “At this point in the cycle, we’re focusing on acquiring assets at significant discounts to their replacement cost, and this certainly fits the bill. It’s a very-well-built asset in a great location, perched in the heart of the medical and educational cluster in Boston. It really is a great asset.”

Davis said his company hasn’t decided if the units will be marketed for sale or rent. It’s been about four years, and at least a dozen foreclosure auctions, since his firm has won an auction. The auction yesterday was conducted by Paul E. Saperstein Co. of Holbrook.

“There are going to be lots more opportunities to buy with the same kinds of value metrics, as the backup of distressed debt moves through the system,” he predicted.

Davis has acquired roughly $160 million in debt since the commercial downturn began. Audubon Park is Davis’s first Boston-area distressed acquisition.

Audubon Park was developed by Hub builders Fox Development, and financed with a $23.6 million construction loan from IndyMac.

The 53-unit project started strong, but unraveled as the condominium market began skidding, and IndyMac buckled under the weight of failed development bets in California. Fox Development sold 10 units before IndyMac’s failure, at prices ranging from $400,000 to $725,000.

Fox’s construction loan matured in December 2008, when IndyMac was still in FDIC receivership. An LLC controlled by IndyMac’s successor, OneWest Bank, sued Fox Development in Suffolk Superior Court to recoup the construction loan’s unpaid balance.