1.3-million-square-foot Echelon Seaport development secures $480 million construction loan
Natixis has provided $480 million in construction financing towards Echelon Seaport, a 1.3-million-square-foot mixed-use development underway in the Seaport District that is one of the City’s largest projects currently underway. The loan will finance the $900 million Echelon Seaport’s 733 luxury apartment and condominium residences and 125,000 square feet of ground-floor retail. The 3.5-acre Echelon Seaport will be constructed across three new buildings and is the latest installment in the Seaport District’s 23-acre Seaport Square development plan. “We’re thrilled to be financing Boston’s Seaport Square project, which illustrates our ability to provide borrowers tremendous capital markets access and unique, tailored deal structures and financing solutions,” said Greg Murphy, Natixis’ Americas Head of Real Estate Finance, in a prepared statement.
Natixis assembled a number of international banks to contribute towards the loan. “A Class A, quality asset in a gateway city is very attractive for a lot of foreign lenders,” said Murphy. Natixis recently opened a new 128,000-square-foot Boston office at the new-construction 888 Boylston office building in the Back Bay, and aims to increase its’ Boston presence in 2018. “Boston has had a lot of tech growth, given all of the research universities there,” said Murphy. “We believe Boston is a solid performer and has very strong demand drivers for office and multifamily properties.”
Construction of Echelon Seaport began in March 2017, with completion expected by the first quarter of 2020. The development will be the first to bear proponent’s Cottonwood Management’s new Echelon lifestyle brand, and will feature amenities including a wine room, outdoor and indoor swimming pools, a spa treatment room and an innovation center. Residences will feature luxurious finishes such as floor-to-ceiling windows, Porcelanosa cabinetry and porcelain tile. Over 400 of Echelon Seaport's residences will be condominiums, and the remainder will be apartments.