Bulfinch Crossing Update 06/08/17

$180 million loan secured for Boston’s Bulfinch Crossing development


The HYM Investment Group and National Real Estate Advisors have secured a $180 million short-term, floating-rate loan for the Government Center Garage property, site of the 2.9-million-square-foot Bulfinch Crossing mixed-use development project. Financing was provided through Oxford Properties Group and arranged by HFF. “Over the next 10 years, the property will be the location of one of the largest and most exciting mixed-use developments in Boston, while providing unprecedented demand for parking,” said HFF Senior Managing Director Riaz Cassum in a prepared statement. “This financing represents the first step in a long-term development plan and the formation of a strategic lending relationship.”


The Bulfinch Crossing development will construct 800+ residences, 200 hotel rooms, 1.15 million gross square feet of office space and 82,500 gross square feet of retail space at the present garage site. The development’s first phase, a 45-story rental apartment tower featuring 486 residential units, is currently under construction. The existing 11-story Government Center Garage, which is actively being dismantled, comprises 1,960 parking space underneath 202,854 square feet of office space. Retail space totaling 23,212 square feet is located on the Garage’s ground floor.

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