JLL Capital Markets Secures $650M Refinancing for One Congress in Boston
JLL’s Capital Markets group has arranged a $650-million refinancing for One Congress, a newly completed trophy office tower totaling 1,008,000 square feet in downtown Boston. The financing was structured as a single-asset, single-borrower (SASB) loan, led by Wells Fargo and Bank of America.
The JLL team included Executive Managing Directors Riaz Cassum and Coleman Benedict, Senior Managing Director Jim Meisel, Director Mike Shepard, CFA, and Associate Hugh Doherty. They represented Carr Properties and National Real Estate Advisors, the ownership partnership behind One Congress.
“Securing SASB financing for assets, particularly office in the current environment, can be challenging,” said Cassum. “SASB lenders typically look for top quality assets with reputable borrowers—both of which One Congress had. The Carr and National partnership delivered an office asset that has redefined the trophy office landscape in Boston.”
Completed in 2023, the 43-story tower is a central component of the Bulfinch Crossing development, which sits on a 4.8-acre site formerly occupied by the Government Center Garage. The property connects Boston’s Financial District with the West End, North End, and Beacon Hill neighborhoods.
