Millennium Partners Secures $775M Construction Financing for Mixed-Use Tower in Downtown Boston
BOSTON — Millennium Partners Boston, a local arm of developer Millennium Partners, has secured $775 million in construction financing from Cale Street Investments for Winthrop Center, a $1.3 billion mixed-use development located in downtown Boston.
Upon completion, the project is expected to feature 812,000 square feet of Class A office space; 572,000 square feet of residential space including 321 luxury residential units; and a 24,000-square-foot common area featuring a fitness center, game room, coffee bar, cafe and lounge space.
“Securing the construction loan from Cale Street Investments — an unprecedented investment given the global pandemic — assures that Winthrop Center will remain on schedule for completion in 2022,” says Christopher Jeffries, founder of Millennium Partners. “From its inception, human-centric design, sustainability and flexible workspaces have formed the foundation of Winthrop Center. With innovation a core part of Boston’s DNA, the city is the perfect home for this building.”
The project was designed by Handel Architects to provide ample access to natural light and elevated indoor air quality in response to the COVID-19 pandemic. The development will seek LEED Gold certification for its residential units and LEED Platinum certification for its office space upon completion, which is slated for 2022.
Founded in 1991, New York City-based Millennium Partners has developed a portfolio of 28 properties including luxury condominiums, state-of-the-art entertainment complexes, Class A office space and five-star hospitality space under the Four Seasons and Ritz-Carlton banners.
Cale Street Partners is a real estate investment and finance firm focused on the United Kingdom, Western Europe and North America. Since its inception in 2014, the company has provided structured debt and equity capital solutions to investors, operators and developers in eight countries across most major real estate asset classes.
— Katie Sloan