Moran & Company's success comes from our focus on the multifamily asset class but more specifically our success is in the depth of that focus. We don't just sell stabilized multifamily assets. Our expertise covers the entire project life cycle. From land sales and development capitalizations to stabilized core and value-add assets. Moran & Company specializes in the entire ownership spectrum.
Residences at Boston Landing
The Challenge: New Balance Athletic Shoe had recently completed its new headquarters building on a master-planned site in west Boston. The overall site plan was programmed to include six buildings, one of which would be residential. All the buildings, except for the residential high-rise, would be corporate owned and, at least tangentially, related to the company's core business. As a result, New Balance desired a financial partner for this component of the overall project.
The Solution: Notwithstanding the unproven high-rise residential location, Moran & Company believed that the property could be positioned as one of the most compelling residential opportunities in Boston given its centrality within the Boston Landing master-plan, that included office and entertainment uses, as well as anticipated (but unconfirmed) practice facility venues for both the Bruins and Celtics. By demonstrating the demand drivers for this site, Moran & Company was able to portray the residential building as one that would become iconic and thereby be able to achieve rental rates that would approximate those being obtained in Boston’s top high rise residential properties. With this approach, and in spite of pro forma yields that were below most investors’ requirements, Moran & Company was able to obtain interest from multiple investors. The structure ultimately chosen by New Balance was an all-equity transaction with a premier life insurance company. This structure secured an ideal partner for New Balance, while also eliminating the need to obtain a traditional construction loan and the associated financial guaranty requirements.