BOSTON — National developer Millennium Partners has received $281 million in Property Assessed Clean Energy (PACE) financing for the residential component of Winthrop Center, a 62-story mixed-use tower in downtown Boston.
Nuveen Green Capital provided the financing, which will be administered under the PACE Massachusetts program by MassDevelopment, the Commonwealth’s development finance agency and land bank.
Located at 115 Federal St. in downtown Boston, Winthrop Center comprises 317 luxury condominium residences that are known as The Millennium Residences at Winthrop Center, as well as approximately 800,000 square feet of office space and a multi-level public gathering space known as The Connector.
Winthrop Center, which was first capitalized in fall 2020, carries LEED Platinum and WELL Gold certifications. The financing allows Millennium Partners to build on these sustainability investments and reinforces Winthrop Center’s position as an environmentally advanced mixed-use development, according to the team that worked on the deal.
“MassDevelopment is excited to see The Millennium Residences at Winthrop Center recapitalized through PACE Massachusetts, representing the largest commercial PACE financing in the region to date,” says Navjeet Bal, president and CEO of MassDevelopment, which is administering the loan in consultation with the Massachusetts Department of Energy Resource. “We encourage developers and property owners across the state to explore how this financing tool can help them advance clean energy investments, lower building emissions and save money.”
“This historic financing for Winthrop Center will help residents and businesses lower their bills by reducing their energy usage, while supporting continued economic growth in downtown Boston,” adds Massachusetts Gov. Maura Healey. “Through PACE Massachusetts, we’re bringing private investment to the table to support major developments and make our buildings cleaner and more efficient.”
- Taylor Williams