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Mon, Aug 19
A Compendium of Property & Capital News
Aug 19
A Compendium of Property & Capital News

Korean Group Hana Joins Cottonwood’s Investment in EchelonSeaport Project

April 12, 2019
EchelonSeaport, Boston MA

BOSTON–Cottonwood Group and Hana Alternative Asset Management jointly announced the closing of Hana’s cornerstone investment in EchelonSeaport development, the first investment into a greenfield project already under development by the Korean asset management firm. According to a release, the transaction marks the beginning of a strategic partnership through which the two groups will join forces to expand their investment portfolios in the United States.

EchelonSeaport is one of the largest residential projects underway in the city of Boston. The development consists of two condominium towers and one multifamily tower, with 60,000 SF of residential amenities above a commercial retail podium of over 125,000 SF. The delivery of the first phase of the project is slated for Q4 2019. Despite the mature stage of the development, Cottonwood was able to structure strategic participation for Hana that satisfies the investment criteria of Hana as their cornerstone transaction while improving the return profile for the EchelonSeaport development.

The new partnership will strengthen and enhance Hana’s existing real estate portfolio in the U.S. by tapping into Cottonwood’s rapidly growing investment platform. The partnership will focus on real estate investment opportunities in primary markets such as Boston, New York, Los Angeles, San Francisco, and Seattle.

“We are thrilled to be part of Boston’s largest residential development, EchelonSeaport. An investment in a condominium and multifamily asset, such as EchelonSeaport, during the construction phase of the development’s lifecycle, is an important step toward achieving our portfolio diversification and expansion goals. Further, we believe that the strategic partnership with Cottonwood is an important first step on the road to strengthening our market position in the competitive United States real estate market,” announced MoonHyun Cha, Chairman and CEO of Hana.

Alexander Shing, Chairman and CEO of Cottonwood Group, said “We are very excited to be growing the relationship with Hana after their debut investment in Cottonwood’s flagship EchelonSeaport development in Boston, MA. This strategic partnership reaffirms Cottonwood’s continued ability to deliver superior returns and value to its investors and capital partners through its real estate investment platform.”

Alexander Shing MoonHyun Cha