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$870M Construction Loan Goes to South Station Redevelopment
JLL Capital Markets arranged an $870-million construction loan for the first phase of the South Station redevelopment, on behalf of a joint venture between affiliates of Hines, APG Groep NV and Dune Real Estate Partners LP. JLL’s Riaz Cassum and Jennifer Keller secured the loan with The Children’s Investment Fund.
The project’s first phase comprises a 1.2-million-square-foot, 51-story mixed-use tower to be built at Boston’s South Station transportation hub. With about 660,000 rentable square feet and office and retail, along with 166 residential condominiums, it’s slated for delivery in 2024. At full buildout, the South Station redevelopment will span 1.9 million square feet.
“Developments of this quality and magnitude arise infrequently in a mature market such as Boston,” Cassum said. “The tower at South Station has an irreplaceable, transit-oriented location above one of our city’s busiest transportation hubs, and will offer best-in-class office and residential space for discerning tenants and residents.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
