Carr Properties and its joint venture partner, National Real Estate Advisors, have struck a deal to refinance their office trophy tower in Boston, One Congress.
Wells Fargo and Bank of America provided the $650 million in funding via a single-asset, single-borrower loan, which JLL arranged.
The 43-story building was completed in 2023, occupying more than one million square feet. The property features a 15,000-square-foot rooftop, a fitness center, a coffee bar, an amenity center, and a triple-height lobby. Also, One Congress offers views of Boston Harbor, the Charles River and the Downtown area.
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In 2019, when One Congress was still in development, Carr announced that it had upped its stake in the asset to 75 percent. It's unclear if the equity has changed since then — but previously the JV was a 50-50 split when Carr first invested in the project in 2018.
"Securing SASB financing for assets, particularly office in the current environment, can be challenging," said Riaz Cassum, one of JLL's executive managing directors, who worked the deal on behalf of the JV.
"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."
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