BOSTON — Boston Properties has secured $215 million in construction financing for its Russia Wharf mixed-use development, located along the Boston waterfront. Also known as 280 Congress Street, Russia Wharf is a planned 850,000-square-foot project that will feature a 31-story, Class A office tower. The approximately 550,000-square-foot building has already secured its anchor tenant, with Wellington Management Co. signing a lease for 450,000 square feet.
Other uses at the project include 30,000 square feet of retail and public space at the base of the office tower, as well as a 300,000-square-foot residential component in the historic Russia Building. Finally, a 650-space, below-grade parking structure will be built. The project fronts the new Rose Kennedy Greenway, as well as Boston Harbor. Boston Properties also will be applying for LEED-Gold certification for the project.
Construction financing for Russia Wharf carries a 5-year term with a floating interest rate that equates to LIBOR plus 3 percent per annum. The loan was provided by a syndicate of commercial banks.
Russia Wharf is currently under construction, and is slated for delivery in the first quarter of 2011.
— Coleman Wood