Boston’s Bulfinch Crossing Lands $250M in Financing
- Jan 09, 2018
HFF has arranged a $250 million construction loan for the development of a 46-story luxury residential skyscraper, representing the first phase of the Bulfinch Crossing project in Boston. The borrower was a joint venture between National Real Estate Advisors and its Boston-based development partner, The HYM Investment Group. HFF secured the 15-year loan through Pacific Life Insurance Co.
Bulfinch Crossing is a large-scale redevelopment of the Government Center Garage in downtown Boston, stretching over a 4.8-acre site and comprising 2.9 million square feet of mixed-use space. The project will transform an above-grade parking structure into an ensemble of six high- and mid-rise buildings. Bulfinch Crossing is slated to add more than 800 residential units and in excess of 1 million square feet of office space, adding a new net-zero-energy pedestrian square to the public realm.
The 480-foot tower at 100 Sudbury St. is set to become the tallest for-rent residential building in the city and is slated to include 368 rental units, 55 condominiums and 1,000 square feet of retail. The on-site Green and Orange line subway station at Bulfinch Crossing will facilitate public transport, along with access to MBTA bus lines and Interstate 93.
Amenities will include:
- outdoor pool
- three roof decks
- fitness center
- yoga studio
- children’s playroom
- golf simulator room
- full chef’s kitchen
- outdoor dog run
- dog spa
The HFF debt placement team representing the borrower included Executive Managing Director & Co-Founder John Fowler, Senior Managing Director Riaz Cassum and Senior Director Jennifer Keller. The legal team behind the construction financing and related corporate, tax and land use matters was led by Difede Ramsdell Bender PLLC and Goulston & Storrs, on behalf of the borrower and development team, and Kelley Drye and Dain Torpy, for the lender.
Earlier this month, HFF also secured financing for a 39-story, luxury multifamily tower in Houston’s Upper Kirby district.
Images courtesy of HYM