BOSTON — HFF has arranged $680 million in construction financing and joint venture equity for the Four Seasons Hotel & Private Residences under development in the Boston submarket of Back Bay. The 61-story high-rise will be located at 1 Dalton St.
The development will contain 180 high-end private residences on floors 25 through 61, with a 211-room luxury hotel on the lower 23 floors. Residents will have full access to the hotel’s services and amenities, including two restaurants, two lounges, and a private health club and spa, which features a 70-foot-long swimming pool.
The hotel and residential entrances and lobbies will front a new park being developed across the street. The project is also being developed adjacent to the 10-acre Christian Science Plaza, which provides built-in open space for residents. It is situated in close proximity to Copley Place, the Prudential Center, Boylston Street, Newbury Street, the Boston Public Library, Symphony Hall and the Museum of Fine Arts.
Construction began on the Four Seasons Hotel & Private Residences in January and is expected to take two-and-a-half years to complete. When finished, it will be the tallest building to be constructed in New England since the early 1970s.
The project’s completion will also make Boston one of only eight cities around the world that has more than one Four Seasons hotel. The other cities include London, Shanghai, Singapore, Istanbul, New York, Los Angeles and Chicago.
The Four Seasons Hotel & Private Residences will be the only ultra luxury high-rise residential tower in the city. It will offer unobstructed views in all directions. Pei Cobb Freed & Partners, in collaboration with Cambridge Seven Associates, designed the project.
HFF’s Riaz Cassum, John Fowler and Robyn King arranged the debt and equity placement on behalf of Carpenter & Co. The team secured a $500 million construction loan through the Children’s Investment Fund Management LLP, while Citi Private Bank raised $180 million in joint venture equity for the project.
“One Dalton will deliver an unmatched, super luxury product marked by iconic architecture, a coveted address and walkability to renowned Back Bay shopping and restaurants coupled with Four Seasons’ legendary hotel services, top-of-the-line amenities and dramatic panoramic views,” says Cassum. “This is a legacy development, the size and scale of which are unlikely to be duplicated in the city.”
Founded in 1898, real estate development, ownership and management firm Carpenter & Co. focuses on hotels, mixed-use projects and retail properties. Over the past 12 years, the firm has developed hotel and mixed-use projects valued today at more than $1 billion.