JV Carr/National RE Advisors Secures $650M Refi Loan From Wells Fargo Via JLL

BOSTON — The fully-leased shiny new One Congress, owned by joint venture Carr Properties and National Real Estate Advisors, has secured $650 million from Wells Fargo, via JLL’s Capital Markets Group, using a SASB (single-asset, single-borrower) refinancing loan.

Completed in 2023 and designed by the architecture firm Pelli Clarke & Partners, One Congress has become an iconic fixture in changing the Boston skyline. The 43-story tower offers more than one million square feet of sustainable, energy-efficient office space with column-free floor plans and impeccable views of the Charles River, downtown Boston, and Boston Harbor. The trophy asset also boasts a best-in-class amenity package featuring a full-floor amenity center with food and beverage service, 15,000 square feet of rooftop terrace space, a 7,000-square-foot fitness center and a triple-height lobby with coffee bar and seating. The trophy tower sits within the Bulfinch Crossing redevelopment, which was the former site of the Government Center Garage.

JLL ‘s Capital Markets Debt Advisory team, which represented the borrowers, was led by Executive Managing Directors Riaz Cassum and Coleman Benedict, Senior Managing Director Jim Meisel, Director Mike Shepard, CFA, and Associate Hugh Doherty.

“Securing SASB financing for assets, particularly office in the current environment, can be challenging,” said Cassum. “SASB lenders typically look for top-quality assets with reputable borrowers, both of which One Congress had. The Carr and National partnership delivered an office asset that has redefined the trophy office landscape in Boston. We are honored to have played a role in this significant financing and are excited to watch the continued evolution of Bulfinch Crossing.”