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HFF Capitalizes on Thriving Bulfinch Crossing Development; Provides $180M for Congress St. Garage

June 07, 2017 - By The Real Reporter
1 Congress St, Boston MA

BOSTONHolliday Fenoglio Fowler, L.P. (HFF) announced that the firm has arranged $180 million in financing for One Congress Street and the Government Center Garage. The 11-story mixed-use asset consists of a 1,960-space parking garage with 202,854 square feet of office space and 23,212 square feet of retail space.

The property is also the site of Bulfinch Crossing, a 2.9 million-square-foot mixed-use development project that will consist of residential, office, hotel and retail uses. Breaking ground earlier this year, the project, led by the borrower, aims to transform the neighborhood and provide an additional long-term source of demand for the Government Center Garage.

HFF worked on behalf of the borrower, a joint venture between National Real Estate Advisors, LLC and its Boston-based development partner, The HYM Investment Group, LLC, to secure the short-term, floating-rate loan through Oxford Properties Group.

HFF Executive Managing Director John Fowler, Senior Managing Director Riaz Cassum, Director Jennifer Keller and Associates Xave Jacoby and Chris Thomas led the HHFF debt placement team. Meanwhile, the legal team arranging the financing, restructuring and land use matters consisted of four firms: Difede Ramsdell Bender PLLC and Goulston & Storrs representing the borrower and Milbank, Tweed, Hadley & McCloy LLP and DLA Piper on behalf of the lender.

HFF’s lead team could see how the site’s geographic location and the close proximity to developing projects would enhance its profitability. “Over the next 10 years, the property will be the location of one of the largest and most exciting mixed-use developments in Boston, while providing unprecedented demand for parking,” says Cassum. “This financing represents the first step in a long-term development plan and the formation of a strategic lending relationship.”

With the property’s close proximity to the Financial District, TD Garden, Faneuil Hall Market District, the Rose Fitzgerald Kennedy Greenway, North End, West End and Beacon Hill, it already draws a variety of parkers - from commuters, event attendees, and residents seeking overnight parking. Additionally, the site provides easy access to entrance ramps for Interstate 93 as well as two on-site subway lines (MBTA Green Line and Orange Line).

Jennifer Keller Riaz Cassum John Fowler