russia_wharf

From Banker & Tradesman:
Boston Properties is preparing to convert the 65 remaining condominium units in its $550 million, mixed-use Russia Wharf development in Boston to rental apartments, sources have indicated to Banker & Tradesman.

Previously, Boston Properties had sought BRA approval to significantly reduce the number of residential units in the waterfront development, from 215 to 65. The developer made that change in order to secure construction financing for the 31-story, 854,000-square-foot tower. Even with Boston Properties’ steep cuts to its residential program at Russia Wharf, a club of five banks only offered the REIT a $215 million loan, with tough recourse provisions.

Lenders’ reluctance to fund new condominium construction helped sink financing for Vornado and Gale International’s Filene’s redevelopment downtown, and it forced Lincoln Property Co. to swap condos for office space at 316-322 Summer St. in Fort Point.

Read More: Boston Luxury Condos

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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