The Beal Companies Acquires Prominent Back Bay Homes

BOSTON: The Beal Companies, LLC announced it has acquired 126, 128 and 130 Beacon Street from Emerson College for $11,500,000 on June 19, 2003. Beal will be converting the three prominent town homes on the northeastern corner of Beacon Street and Berkeley Street into 11 luxury condominiums with 23 parking spaces including 18 garage spaces.

The vintage 1860's properties designed by Boston architect George Snell were purchased by Emerson College in the 1930's and have been used as classroom space and administrative offices. "It is particularly satisfying to us to return these magnificent properties to their originally intended use as spectacular residences." said Stephen Faber, Beal's project manager.

Beal received unanimous approval from the Back Bay Architectural Commission (BBAC) for their restoration plans earlier this month. "Working with the BBAC and the neighborhood has been a pleasure, and the project has received a great deal of support," said Faber.

The properties 11 residences will range in size from approximately 1,000 square feet to nearly 5,000 square feet. Parking will be included with every residence. "We look for properties that, quite frankly, have it all, and 126 -130 meets that criteria with its combination of premium location including river views and southern exposure, garage parking and remarkable floorplates," said Robert Beal, principal of The Beal Companies.

Beal has selected Childs Bertman Tseckares Inc. as Architects for the project and used Dell Mitchell Architects for the buildings' exterior renovations. A joint venture between Perini and Sea-Dar Construction companies is expected to be designated as the General Contractor. The sales and marketing effort is anticipated to be handled by R.M. Bradley and Beal & Company, Inc., as co-exclusive agents. Beal's principal financial partner on the transaction is Rockwood Capital of Greenwich, Conneticut, and San Francisco, California and an acquisition and construction loan has been obtained from Banknorth.

126-130 Beacon Street is Beal's third Back Bay town home restoration project in the last four years. Beal acquired and sold 13 Commonwealth Avenue in 1999 and is currently redeveloping 51 Commonwealth Avenue, an eight-residence condominium, featuring garage parking. Beal has commitments for five of the eight residences at 51 Commonwealth, which are scheduled to be completed in January 2004. Most of the development team members for 51 Commonwealth Avenue will be working on 126 - 130 Beacon Street. "It is always comforting to be working with an experienced team of professionals with whom you are familiar. We think it helps to ensure a successful result," said Faber.