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Fallon Closes on $215M Construction Loan for Fan Pier Residential
Developer The Fallon Company has closed on a $215-million construction loan from Bank OZK, at a time when financing is challenging for projects across the region, the Boston Business Journal reported. The loan is for a 14-story, 130-unit residential tower next to the Institute of Contemporary Art, a final piece of Fan Pier that adds to a cluster of buildings on surrounding blocks in Boston’s Seaport District.
The residential tower at 1 Harbor Shore Dr. already has permitting approval, reported the Business Journal. Fan Pier includes offices for Vertex Pharmaceuticals and MassMutual, along with two luxury residential buildings. The tower at 1 Harbor Shore will be one of the final waterfront properties in the neighborhood.
Lower borrowing rates in prior years helped lead to a construction boom across the Seaport and other neighborhoods. However, higher interest rates more recently have contributed to a slowdown, along with other factors that include high construction costs and, for office buildings, declining demand.
- ◦Development
- ◦Financing
