Construction work on the stalled Winthrop Center may soon start after the developer secured a $775 million construction loan towards the construction of the tower. Millennium Partners Boston secured the loan facility from Cale Street Investments, a real estate investment and finance firm.
The 691-foot building is being constructed at a tune of $1.3 billion and is situated at the heart of Boston. In addition, the building is a step ahead of others that are racing to incorporate health and wellness features in the wake of the COVI-19 pandemic. Winthrop Center has been designed to offer elevated indoor air quality with every office floor built with features that offer fresh air.
The building sets new international standards for the integration of wellness and health, sustainability, and technology in building designs. The building will have 812,000-square-feet of Global Class A office space as well as 572,000-square-feet of residential space including Boston’s next great public space and 321 luxury residences.
The mortgage is the largest construction loan secured in Boston since the outbreak of the pandemic in March. The Center will be the tallest in the Financial District upon completion. Millennium Partners Boston, a veteran development firm, also built Millennium Tower in Downtown Crossing in addition to other high-profile projects.
Work on Winthrop Center never fully picked up after the city imposed lockdowns in March in the wake of the COVID-19 pandemic. At the time of the lockdown, the developer was in the process of securing a co0nstruction loan after spending around $350 million towards digging the foundation in addition to other preliminary work.
Many lenders were getting concerned with Winthrop Center especially after the market for luxury apartments started slumping. The developer had planned to have luxury condos on the upper floors of the structure. The company has since written to the Boston Planning & Development Authority requesting permission to change plan from condo to rental apartments.