Boston-based real estate company The Abbey Group recently announced it has secured a three-year extension of financing from Helaba Bank for the firm’s 45 Province development. In a market where luxury buildings have been going to Auction (see Audubon Park) or into bankruptcy (see The W) due to un-yielding lenders this is good news for 45 Province!
45 Province broke ground in October of 2006, The Abbey Group secured a $120 million construction loan to develop 137 units of housing in a 32-story luxury high-rise located on Province the heart of Boston.
Over the last two years 45 Province sales were off to a slow start but recently the tides have changed. A new sales and marketing team was put in place at 45 Province and prices were adjusted. It was the boost the project needed and since June the sales team has put 12 units under agreement and/or closed!
Robert Epstein, Chairman and CEO of The Abbey Group, said: “We have always remained committed to the long-term success of this project, and that commitment is now yielding success. We remain highly optimistic about the future of 45 PROVINCE and the drawing power of the City of Boston due to the enthusiastic activity we continue to see at the property.”
45 PROVINCE is a full-service building that offers a first-of-its-kind Exhale spa, exclusively for residents. The complex includes a four season pool, spa treatment room and fitness studio with cardio, stretching and conditioning areas; a parlor comprised of a library and dining room with a catering kitchen, a screening room; a spectacular roof terrace offering sweeping panoramic views of the city; valet parking and 24-hour concierge service.
We are big fans of The 45 Province Development! The finishes are superb and you will love the pool / workout facilities. It is also in a wonderfully convenient part of the city. Please call me for more information or to set up a showing.