HFF Announces $250M Construction Financing for First Phase of Bulfinch Crossing Development
BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announces the $250 million construction loan for the development of Phase I at Bulfinch Crossing, a 46-story luxury residential tower with 368 rental units and 55 condominium units at 100 Sudbury Street in downtown Boston.
The HFF team worked on behalf of the borrower, a joint venture between National Real Estate Advisors, LLC and its Boston-based development partner, The HYM Investment Group, LLC, to secure the 15-year loan through Pacific Life Insurance Company.
The first phase residential tower is part of a 4.8-acre, 2.9-million-square-foot redevelopment of the Government Center Garage that will transform the above-grade parking garage into an iconic mixed-use district in the heart of downtown Boston. At 480 feet tall, the residential tower at 100 Sudbury Street will be one of the tallest in Boston and will offer unmatched 360-degree views along with a top-of-the-line amenity package. The amenities will include an outdoor pool, three roof decks; a fitness center; yoga studio; clubroom; children’s playroom; golf simulator room; a full chef’s kitchen and outdoor dog run and dog spa. The property’s location at 100 Sudbury Street is at the confluence of Boston’s Financial District, Faneuil Hall Market District, the Rose Fitzgerald Kennedy Greenway, North End, Bulfinch Triangle, West End and Beacon Hill neighborhoods. Bulfinch Crossing offers unmatched transportation access to the entire city via on-site Green and Orange line subway stations, MBTA bus lines, Interstate 93, on-site Hubway, Zipcar, Maven and E-share stations.
The HFF debt placement team representing the borrower included executive managing director John Fowler, senior managing director Riaz Cassum and senior director Jennifer Keller. The legal team structuring and closing the construction financing and related corporate, tax and land use matters was led by: Difede Ramsdell Bender PLLC and Goulston & Storrs, for the borrower and development team, and Kelley Drye and Dain Torpy, for the lender.