Winthrop Center Residences Secure New England’s Largest C-PACE Financing

MassDevelopment, Nuveen Green Capital and Millennium Partners announced $281 million in private financing for the Millennium Residences at Winthrop Center at 115 Federal St. in downtown Boston under the state’s Property Assessed Clean Energy (PACE) Massachusetts program. This project is believed to represent the largest commercial PACE financing to date in New England. 

Developed and owned by Millennium Partners, Winthrop Center combines the world’s largest Passive House office building with public gathering spaces and 317 luxury condominium residences. Through PACE Massachusetts, Millennium Partners will recapitalize and extend the financing term for The Millennium Residences at Winthrop Center using permanent, lower-cost financing from Nuveen Green Capital and will repay the financing via a betterment assessment on the property. 

“This historic financing for Winthrop Center will help residents and businesses lower their bills by reducing their energy usage, while supporting continued economic growth in downtown Boston,” said Gov. Maura Healey. “Through PACE Massachusetts, we’re bringing private investment to the table to support major developments and make our buildings cleaner and more efficient.”