Loan proceeds were used to refinance the original constructionloan and fund the remaining lease-up costs for the property. ING,as administrative agent and sole arranger, underwrote and closedthe $185 million in late 2004, according to David Mazujian,managing director and president of ING's US finance platform. "Wemade a conscious effort to allow the property to further lease upprior to syndication," says Mazujian.

The level of commitments from tenants since then "is a testamentto the strengthening Boston market," adds Mazujian. Several otherEuropean institutions are involved in the syndicate. Apollo RealEstate Advisors is a leading international real estate investor andfund manager that has collectively invested in more than 400transactions with an aggregate value exceeding $30 billion. Asubsidiary of the Caisse de depot et placement du Quebec, SITQ is areal estate development, investment and management firm that owns114 assets valued at $9.4 billion.

Originally conceived in the 1980s before being stalled by twomarket crashes, 33 Arch St. was taken over by Congress Group justas the technology boom was ratcheting up for its brief surge in2000 and 2001. By the time the tower was ready to move ahead, theregional recession was taking hold, leading many to opine that thebuilding should again be shelved.