Carl Kuehner, president and CEO of Building and Land Technology, tells GlobeSt.com that the $200 million is "existing debt" for some of the vertical construction on the site--the hotel, apartment building and two office buildings. Building and Land Technology is anticipating to deliver the first building by August of 2009 and to begin leasing up the space over the next few weeks.

As previously reported by GlobeSt.com, the project is slated at $3 billion and bring various facilities into the city's South End district. Harbor Point is slated to have 11 acres of parks, a 485-slip marina, various office space, 400,000 sf of retail, 4,000 new residential units and two hotels. The project has also been selected by the US Green Building Council for its LEED Neighborhood Development program. The project is broken into four phases and anticipates it taking ten years with staggered openings. The hotel and residential pieces will begin later this year and the office space has already begun construction with steel coming around Oct. 1, 2008.

Building and Land Technology is a real estate development company headquartered in nearby Norwalk, CT. Lubert-Adler is a real estate private equity firm specializing in redevelopments through joint ventures with local operating partners.