{"id":1004573771,"date":"2022-03-30T02:53:09","date_gmt":"2022-03-30T10:53:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004573771"},"modified":"2022-12-08T11:22:44","modified_gmt":"2022-12-08T19:22:44","slug":"jll-arranges-543m-financing-package-for-boston-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-543m-financing-package-for-boston-project\/","title":{"rendered":"JLL Arranges $543M Financing Package for Boston Project"},"content":{"rendered":"
\"10<\/a>

10 World Trade. Image courtesy of JLL<\/p><\/div>\n

A development team led by Boston Global Investors<\/strong> has secured $542.5 million in financing to construct 10 World Trade, a $596.6 million tower in Boston\u2019s Seaport District that will feature 555,250 square feet of life science, office and retail space.<\/p>\n

Sitework has begun at the 17-story property formerly known as 401 Congress St. The speculative mixed-use development is slated for delivery in the fourth quarter of 2024.<\/p>\n

BGI\u2019s partners include EDGE<\/strong>, a leading European commercial real estate developer and pioneer in sustainability and smart building technology. Other partners include Bastion Cos<\/strong>. and The Cogsville Group<\/strong>.<\/p>\n

JLL <\/strong>arranged the financing package, which included a $382.5 million construction loan from an unidentified life insurance company. JLL also arranged approximately $160 million in joint venture equity from PGIM Real Estate<\/strong> and Wheelock Street Capital<\/strong>.<\/p>\n

\n

READ ALSO<\/strong>: Pittsburgh\u2019s Life Science Sector Shows Off Potential<\/a><\/p>\n

\n

The JLL Capital Markets team represented the borrower and was led by Managing Director Anthony Cutone and Senior Director Andrew Gray. JLL\u2019s Brokerage team has been retained to lease the project. The team includes Managing Directors Barry Hynes, Ben Heller and Patrick Nugent and Senior Managing Directors Molly Heath and Don Domoretsky.<\/p>\n

Cutone said in a prepared statement 10 World Trade is one of the last remaining development sites in the Seaport District<\/a>, which has emerged as Boston\u2019s premier commercial and residential neighborhood over the past decade. The Seaport currently features 11.9 million square feet of commercial office and lab space, with a focus on life science<\/a> and innovation economy companies.<\/p>\n

Project details<\/strong><\/h2>\n

Designed by Sasaki<\/a>, the tower will have life science and office space on floors three to 17. The ground floor will feature a two-story atrium with a 45-foot domed ceiling, a food hall and garden lounge surrounded by an operable glass fa\u00e7ade.<\/p>\n

Amenities will include a 984-foot jogging track on the top floor providing 360-degree views of the Boston skyline within a 15,000-square-foot fitness center. The tower will also have a 150-seat auditorium and 2 acres of landscaped outdoor space. The building\u2019s chilled beam HVAC system, above standard ceiling heights and large column-free floorplates meet the flexible needs of life science and office users.<\/p>\n

The building\u2019s smart design will incorporate multiple features to enhance sustainability and wellness, including touchless systems, augmented air flow systems, post-pandemic safeguards and energy-saving measures. The building will be among the first in the region to achieve a SmartScore Certification, as well as planned LEED Gold, WELL Gold, WiredScore Gold and SITES Gold certifications.<\/p>\n

The tower is located across from the city\u2019s largest convention center and has direct frontage along Congress Street and World Trade Center Avenue. The transit-oriented development is served by the MBTA Silver Line with quick access to the city\u2019s Financial District, South Station and Logan International Airport. The location also provides direct access to the Massachusetts Turnpike (I-90), which offers a direct connection to Logan as well as I-93. The property is also within walking distance of numerous local and national retailers, restaurants, hotels, luxury residential and entertainment offerings.<\/p>\n","protected":false},"excerpt":{"rendered":"

Boston Global Investors is spearheading the development of 10 World Trade Center in the city\u2019s Seaport District. <\/p>\n","protected":false},"author":1068,"featured_media":1004573796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21754,21752,21742,10,21747,21749],"tags":[32796,34714,37582,34299],"class_list":["post-1004573771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-medical-office","category-mixed-use","category-latest","category-northeast","category-office","category-retail","tag-jll","tag-pgim-real-estate","tag-sasaki-associates","tag-wheelock-street-capital"],"acf":[],"yoast_head":"\nJLL Arranges $543M Financing Package for Boston Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"A development team led by Boston Global Investors secured $542.5 million in financing to construct 10 World Trade in the Seaport District.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-543m-financing-package-for-boston-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Arranges $543M Financing Package for Boston Project\" \/>\n<meta property=\"og:description\" content=\"A development team led by Boston Global Investors secured $542.5 million in financing to construct 10 World Trade in the Seaport District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-543m-financing-package-for-boston-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-30T10:53:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:22:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/10-World-Trade.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"812\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-arranges-543m-financing-package-for-boston-project\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-arranges-543m-financing-package-for-boston-project\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"JLL Arranges $543M Financing Package for Boston Project\",\"datePublished\":\"2022-03-30T10:53:09+00:00\",\"dateModified\":\"2022-12-08T19:22:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-arranges-543m-financing-package-for-boston-project\\\/\"},\"wordCount\":519,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-arranges-543m-financing-package-for-boston-project\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/03\\\/10-World-Trade.jpg\",\"keywords\":[\"JLL\",\"PGIM Real Estate\",\"Sasaki Associates\",\"Wheelock Street Capital\"],\"articleSection\":[\"Development\",\"Featured\",\"Finance\",\"Medical Office\",\"Mixed Use\",\"News\",\"Northeast\",\"Office\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-arranges-543m-financing-package-for-boston-project\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-arranges-543m-financing-package-for-boston-project\\\/\",\"name\":\"JLL Arranges $543M Financing Package for Boston Project - 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