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BOSTON, MA-Developers of a new 1,075,000-sf retail and office complex have received $250 million in construction financing from GMA Commercial Mortgage. The 36-story office tower will sit atop a seven-story building with retail and atrium.

The office tower has already been leased to the State Street Corp. as the sole tenant. The project is expected to be completed and ready for occupancy by the end of year 2003. Scott Rombach of GMACCM tells Globest.com that there are three borrowers on the loan including Gale & Wentworth, Morgan Stanley Real Estate Funds and the State Teachers Retirement System of Ohio. When asked whether it was difficult to arrange the loan in a changing business climate Rombach says “these developers are people GMACCM has worked with before”. Red Bank, New Jersey office senior vice president Bill Kitley arranged the loan.

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