Holliday Fenoglio Fowler (HFF) has announced a $250m construction loan for Phase I at Bulfinch Crossing, a 46-storey luxury residential tower with 368 rental units and 55 condominium units at 100 Sudbury Street in Boston, US.
The HFF team secured the 15-year loan through Pacific Life Insurance Company on behalf of the borrower, a joint venture between National Real Estate Advisors and its Boston-based development partner, The HYM Investment Group.
The residential tower being built under the first phase is part of a 4.8-acre, 2.9 million ft2 redevelopment of the Government Center Garage.
The 480ft tall residential tower at 100 Sudbury Street will be one of the tallest towers in Boston and offer 360-degree views along with high-quality amenities such as an outdoor pool, three roof decks; a fitness centre; yoga studio; children’s playroom; clubroom; golf simulator room; a full chef’s kitchen and outdoor dog run and dog spa.
The property is located at the confluence of Boston’s Financial District, the Rose Fitzgerald Kennedy Greenway, Faneuil Hall Market District, North End, Bulfinch Triangle, West End and Beacon Hill neighbourhoods.
Bulfinch Crossing offers transportation access to the city through on-site Green and Orange line subway stations, Interstate 93, MBTA bus lines, on-site Hubway, Zipcar, Maven and E-share stations.
Executive managing director and co-founder John Fowler, senior managing director Riaz Cassum and senior director Jennifer Keller were part of the HFF debt placement team that represented the borrower.
Difede Ramsdell Bender and Goulston & Storrs led the legal team for the borrower and development team, and Kelley Drye and Dain Torpy for the lender.
National Real Estate Advisors, a subsidiary of the National Electrical Benefit Fund, is an investment manager specialising in build-to-core projects.
The HYM Investment Group is a real estate company that focuses on the acquisition, development and management of complicated urban mixed-use projects.
HFF and its affiliates provide commercial real estate and capital markets services to the commercial real estate industry across the world.