NREA, HYM Land $180M in Financing
- Jun 08, 2017
A joint venture between National Real Estate Advisors LLC and The HYM Investment Group LLC has received $180 million in financing for One Congress Street and the Government Center Garage, an 11-story mixed-use building in Boston. The asset consists of 202,854 square feet of office space, 23,212 square feet of retail space and a 1,960-space parking garage.
HFF secured the short-term, floating-rate loan through Oxford Properties Group. Difede Ramsdell Bender PLLC and Goulston & Storrs represented the borrower and Milbank, Tweed, Hadley & McCloy LLP and DLA Piper represented the lender. The debt placement was led by Executive Managing Director John Fowler, Director Jennifer Keller and associates Xave Jacoby and Chris Thomas.
The mixed-use property is located nearby Boston’s Financial District, TD Garden, Faneuil Hall Market District, the Rose Fitzgerald Kennedy Greenway, North End, West End and Beacon Hill. It offers immediate access to entrance ramps for Interstate 93 as well as two on-site subway lines (MBTA Green Line and Orange Line).
The location is also the future site of Bulfinch Crossing, a 2.9-million-square-foot mixed-use development project that will consist of residential, office, hotel and retail uses.
Bulfinch Crossing’s first phase, a 46-story luxury residential tower, broke ground earlier in 2017. This new project is expected to contribute to a transformation of the neighborhood and provide an additional long-term source of demand for Government Center Garage.
“Over the next 10 years, the property will be the location of one of the largest and most exciting mixed-use developments in Boston, while providing unprecedented demand for parking,” Riaz Cassum, HFF”s senior managing director, said in a prepared release. “This financing represents the first step in a long-term development plan and the formation of a strategic lending relationship.”