Banker & Tradesman | By Laura Alix
December 19, 2016
An Amsterdam-based men’s clothing company is getting some Boston digs, moving into a former Newbury Street restaurant sometime next year.
The Dutch men’s fashion retailer Suitsupply is following the lead of other e-tailers, like Bonobos and Warby Parker, opening brick-and-mortar locations.
Suitsupply is anticipated to open up shop at 240 Newbury St. sometime around the third quarter of 2017. Rockland Trust provided the $18.9 million mortgage on the property, which is owned in a joint venture between UrbanMeritage and Novaya Real Estate Ventures. The property owner is also making improvements before Suitsupply moves in.
“The owners of the real estate are doing a real thorough job of putting those buildings back into top shape physically for the long term. The level of diligence they’ve done is impressive,” said Rick Muraida, first vice president and Boston lending manager for Rockland Trust. “Suitsupply should be very pleased that these guys are doing the work that they’re doing.”
“This building has been underutilized for a long time, so we saw an opportunity to acquire the two buildings, undergo a renovation and bring in a new tenant,” said Vincent Norton, partner at UrbanMeritage.