Millennium Secures $281M for Boston Tower
It's the largest C-PACE transaction completed in New England to date.
Millennium Partners has secured $281 million in C-PACE financing for The Millennium Residences at Winthrop Center, the 317-unit condominium component of the mixed-use tower in downtown Boston. The transaction represents the largest such financing to date in New England.
Nuveen Green Capital provided the debt under the PACE Massachusetts program. Millennium will use the proceeds to recapitalize the property.
MassDevelopment administers the PACE Massachusetts program in consultation with the Massachusetts Department of Energy Resources. In June, the two entities advanced revised guidelines for new construction projects, expanding eligible costs and streamlining application and approval requirements.
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Multifamily loan originations in the second quarter of this year rose 8 percent year-over-year, according to a Mortgage Bankers Association report, as top multifamily lenders navigated a more active residential financing environment. Quarter-over-quarter, the metric increased 15 percent, pointing toward improving lender appetite.
A luxury community within Boston’s downtown area
Millennium broke ground on the $1.3 billion project in 2018, with the development team including Handel Architects and Suffolk Construction. Cale Street Partners provided a $775 million loan, according to Yardi Matrix information.
Completed in 2023, the LEED Platinum-certified Winthrop Center rises 62 stories in the city’s downtown at 115 Federal St. The tower includes 317 luxury condominium residences and the world’s largest Passive House-certified office component, totaling some 800,000 square feet. The property also comprises below-grade parking and The Connector, a multi-level public gathering space.
Condominiums feature one-, two-, three- and four-bedroom floorplans, including penthouse units, ranging between 781 and 4,659 square feet. Common-area amenities span more than 56,000 square feet and include an indoor swimming pool, terrace, spa, fitness studio, screening room, yoga studio, game room, library, conference room and lounge. The property also has a bar and commercial kitchen, along with a 25,000-square-foot business club.
