BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced that the firm has arranged $180 million in financing for One Congress Street and the Government Center Garage, an 11-story mixed-use asset comprising a 1,960-space parking garage with 202,854 square feet of office space and 23,212 square feet of retail space.
HFF worked on behalf of the borrower, a joint venture between National Real Estate Advisors, LLC and its Boston-based development partner, The HYM Investment Group, LLC, to secure the short-term, floating-rate loan through Oxford Properties Group.
The property is centered among many of Boston’s most popular neighborhoods and destinations, including the Financial District, TD Garden, Faneuil Hall Market District, the Rose Fitzgerald Kennedy Greenway, North End, West End and Beacon Hill. The property draws a diverse set of parkers ranging from commuters to event attendees to residents seeking overnight parking. This location also offers immediate access to entrance ramps for Interstate 93 as well as two on-site subway lines (MBTA Green Line and Orange Line), providing connectivity to greater Boston. The property is also the site of Bulfinch Crossing, a 2.9 million-square-foot mixed-use development project that will consist of residential, office, hotel and retail uses.
Led by the borrower, this project will contribute to a transformation of the neighborhood and provide an additional long-term source of demand for Government Center Garage. Bulfinch Crossing’s first phase, a 46-story luxury residential tower, broke ground earlier in 2017.
The HFF debt placement team was led by executive managing director John Fowler, senior managing director Riaz Cassum, director Jennifer Keller and associates Xave Jacoby and Chris Thomas. The legal team working on the financing, restructuring and land use matters consisted of four firms: Difede Ramsdell Bender PLLC and Goulston & Storrs represented the borrower and Milbank, Tweed, Hadley & McCloy LLP and DLA Piper represented the lender.
“Over the next 10 years, the property will be the location of one of the largest and most exciting mixed-use developments in Boston, while providing unprecedented demand for parking,” Cassum said. “This financing represents the first step in a long-term development plan and the formation of a strategic lending relationship.”