Hines JV Secures $870M Construction Loan for South Station Mixed-Use Tower

BOSTON—The Children’s Investment Fund has provided a joint venture between Hines, APG Groep NV and Dune Real Estate Partners LP a $870-million construction loan for its planned 51-story mixed-use tower to be constructed directly above South Station here.

The financing will facilitate the construction of a 1.2-million-square-foot mixed-use tower, part of a 1.9-million-square-foot development that will feature office, residential condominium and retail space.

JLL arranged the financing between the development team and London-based The Children’s Investment Fund. The JLL Capital Markets team representing the borrower was led by senior managing director Riaz Cassum and senior director Jennifer Keller.

The first phase of the project will offer approximately 660,000 rentable square feet of Class A office and retail space as well as approximately 166 residential condominium units and more than 500 parking spaces.

The oval glass tower, which is scheduled for delivery in 2024, is designed by Pelli Clark Pelli Architects and will be constructed to align with the historic South Station façade and meet LEED Gold standards.

The office component will feature 26,000-square-foot, primarily column-free floor plates with 13-foot floor-to-ceiling heights and unobstructed views of Downtown Boston and Boston Harbor.

Residential condominium floor plans include studio, one-, two- and three-bedroom units along with penthouse duplex units. The residences will be accessed through a private lobby with doorman/door staff.

Among the amenities planned for office tenants and condo residents include an urban sky park with outdoor space; an office sky lobby and residential sky lobby; conference center; fitness center; landscaped terrace with outdoor pool and cooking and entertainment space for resident use and an on-site restaurant.