JLL’s Capital Markets group announced that it has advised Millennium Partners on the $281 million financing for The Millennium Residences and the $575 million loan for The Offices at Winthrop Center, Boston’s $1.3 billion mixed-use tower.
JLL worked on behalf of the borrower to arrange the 20-year, C-PACE residential inventory loan through Nuveen Green Capital and the five-year, $575 million securitized financing through Morgan Stanley and Barclays for the office component of the project.
At 691 feet, Winthrop Center is the tallest building in Boston’s downtown core and has achieved global recognition as the world’s largest Passive House office building, totaling approximately 823,856 square feet, and setting a new standard for next-generation workplace centered on sustainability, wellness and performance. The Millennium Residences at Winthrop Center comprise 510,000 square feet of luxury residences.
“This financing is a key milestone that reflects the confidence that leading institutional partners continue to place in Winthrop Center,” said Christopher M. Jeffries, founder of Millennium Partners. “Winthrop Center was conceived as a landmark building for Boston with significance well beyond the city, setting a global standard for sustainable mixed-use development.”
JLL Capital Market’s Debt Advisory team representing the borrower was led by Executive Managing Director Riaz Cassum, Managing Director Andrew Gray, Vice President Robyn King and Analyst David Mega.
“This transaction reflects the convergence of exceptional sponsorship, irreplaceable product and structural market dynamics that institutional lenders seek in today’s environment,” said Cassum. “Millennium Partners has an unmatched track record in Boston’s luxury residential market. Winthrop Center represents the most evolved living and work experience the sponsor has ever created, combining world-class sustainability, five-star services and extraordinary amenities for both residents and commercial occupants. This sizeable commitment from institutional lenders is a testimony to proven sponsorship, the asset’s quality and the fundamental strength of both Boston’s ultra-luxury condominium and trophy office markets.”
“It was a pleasure to partner with JLL and Millennium Partners to capitalize this landmark project, which marks the largest C-PACE-financed transaction in New England,” said Mike Doty, senior director of originations for Nuveen Green Capital. “Through C-PACE’s cost-effective financing, the sponsor was able to recapitalize the residences portion of the property alongside $575 million in financing from Morgan Stanley and Barclays for the offices, delivering an innovative capital structure that adds long-term value, while helping to ensure the success of The Millennium Residences and The Offices at Winthrop Center.”
