June 13, 2018
Watertown’s Arsenal Yards mega-project gets $109 million financing shot
Institutional investors have poured $109 million into the unfolding expansion of the Arsenal Mall in Watertown.
That 1 million-square-foot-plus development is due to include 425 apartments; a 150-room Hampton by Hilton; 250,000 square feet of shops and restaurants, which Roche Bros. will anchor; and a Majestic Cinema.
JPMorgan Chase, the nation’s largest bank and a backer of the project, advises the institutional investors who just put the $109 million in, according to a release from JPMorgan and Boylston Properties, the project’s lead developer.
The project, known as Arsenal Yards and years in the making, will also include a revamped Arsenal Park with more access to the Charles River waterfront. The first phase of Arsenal Yards is supposed to open in 2019. Stay tuned.