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Financing Set for Arch Street Tower

BOSTON-Right after buying the Arch St. site here for $40 million, Congress Group Ventures acquires financing to develop a 31-story tower. The tower is the seventh in a series of major office buildings built in this area in the past few years.

By Naomi Grossman | Updated on January 24, 2001

BOSTON-Congress Group Ventures has acquired financing to develop a 31-story tower downtown here at 33 Arch Street. The development company just bought the site from Eastern Development for $40 million.

The $240 million financing package includes Eastern, which is maintaining an equity stake in the project and Lend Lease Real Estate Investments Inc., which is contributing equity from two of its funds. FleetBoston Financial Group and Wells Fargo & Co. are backing a $150 million construction loan. The tower becomes the seventh in a series of major office buildings which have been constructed here in the Downtown area within the past few years, including 111 Huntington Ave., One Lincoln St. and World Trade Center East.

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