BOSTON, MA — BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the U.S., announced the closing of a $465 million, 5.5-year non-recourse mortgage loan secured by The Hub on Causeway podium and office tower in Boston. The financing was completed in partnership with joint venture partner Delaware North.
The loan, which matures on April 9, 2031, carries a fixed interest rate of approximately 5.733% per annum. Proceeds were used to refinance two existing loans totaling approximately $490 million.
“We are pleased to complete this financing, which not only enhances the strength and flexibility of our balance sheet, but also demonstrates our access to attractively priced capital in the secured mortgage market,” said Mike LaBelle, Executive Vice President and CFO at BXP.
This transaction marks BXP’s first Green Bond mortgage financing, reflecting the sustainability standards of The Hub on Causeway and BXP’s continued focus on environmentally responsible development.
Located in the heart of Boston, The Hub on Causeway is a mixed-use, transit-oriented development that includes office space, retail and entertainment venues, a hotel, a luxury residential tower, and direct access to TD Garden and North Station.
The financing was led by Wells Fargo Bank, N.A., Morgan Stanley Bank, N.A., and Bank of America.
