Citizens Commercial Provides $435M Construction Loan for Boston Office, Retail Project
BOSTON — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District.
The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021.
The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28.
The partnership is the lead developer of the Boston Seaport, a 23-acre waterfront project that will eventually span 7.6 million square feet of residential, retail, office and hospitality space. The project also includes 8.8 acres of open public space.
Citizens, a Rhode Island-based lender with more than $160 billion in assets under management, is also the lead arranger and administrative agent for the loan, which officially closed June 7.
— Taylor Williams