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BOSTON-Boston Properties, Inc. is securing $215 million in construction financing for its gargantuan mixed-use redevelopment of the Russia Wharf. The 854,000-square-foot project at 280 Congress St. secured a loan that bears interest at a floating rate equal to LIBOR plus 3% per annum. The financing came from a “syndicate of commercial banks,” according to a release.

The loan will go towards funding the completion of the project, according to Boston Properties, which has already spent $216 million and estimates an additional $333 million will be used to deliver the project by the first quarter of 2011.

The development will feature 500,000 square feet of office–of which 80% is pre-leased to Wellington Management Company, LLP–and retail and public spaces for residential use at the base of a 31-story tower, as well as 650 parking spaces. The project, aiming for LEED Gold certification is pushing forward with no retailers signed on yet.

Located between the Rose Fitzgerald Kennedy Greenway and Fort Point Channel, the property was pushed through much of the permitting process over a number of years by Equity Office Properties Trust. Blackstone Group then acquired Russia Wharf as part of a $23-billion buy-out of Equity in February of 2007. Blackstone promptly turned around and sold Russia Wharf one-month later to Boston Properties, which laid down $100 million for the three-building property. The Russia Wharf building and the Tufts building are historical buildings, which needed special care to make sure no damage was done in the construction process.

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