BOSTON, MA – Real estate development and consulting firm Boston Global Investors has obtained $543 million in financing to develop a $596.6 million speculative mixed-use tower in Boston's Seaport district. JLL capital markets worked on behalf of the borrower and developer to arrange the financing.
On behalf of Boston Global Investors, JLL secured a $382.5 million construction loan through a life insurance company lender, and, along with PGIM Real Estate and Wheelock Street Capital, JLL also arranged $160 million in joint-venture equity for the development.
The 555,250-square-foot project, titled 10 World Trade, will feature 17 stories of life sciences, office and retail space.
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The development commenced sitework in Q1 2022, with an expected completion in Q4 2024.
10 World Trade will incorporate wellbeing, sustainability, technology and flexibility. Designed by architecture and design firm Sasaki, the smart building will be able to synthesize data to address health and safety issues from within.
The tower's ground floor will feature a two-story public atrium with a 45-foot domed ceiling, a food hall and a garden lounge surrounded by a glass façade. The remaining floors will be occupied by life science and office space. 10 World Trade will also offer a 15,000-square-foot fitness center on the top floor with a 300-meter indoor jogging track.
Located along Congress St. and World Trade Center Ave., 10 World Trade is situated across from Boston's largest convention center and offers direct access to the Massachusetts Turnpike (I-90).
"Over the past decade, Boston's Seaport district has emerged as city's premier commercial and residential neighborhood," says JLL managing director, Anthony Cutone. "10 World Trade is one of the last remaining development sites and BGI's vision for the project is truly outstanding."
The JLL capital markets team that represented Boston Global Investors in securing the financing was led by Cutone and senior director Andrew Gray.
Boston Global Investors has additionally retained a JLL brokerage team to lease the project, comprising senior managing directors Molly Heath and Don Domoretsky, and managing directors Barry Hynes, Ben Heller and Patrick Nugent.
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