JLL Secures $650M Refinancing for One Congress in Boston
JLL’s Capital Markets group has arranged a $650 million refinancing for One Congress, a newly delivered, trophy-class office building in Boston. The 1,008,000-square-foot tower is a key feature of the Bulfinch Crossing redevelopment and stands as a landmark addition to the city’s skyline.
Led by Executive Managing Directors Riaz Cassum and Coleman Benedict, along with Senior Managing Director Jim Meisel, Director Mike Shepard, CFA, and Associate Hugh Doherty, the JLL team secured the single-asset, single-borrower (SASB) loan on behalf of Carr Properties and National Real Estate Advisors. Wells Fargo and Bank of America served as lead lenders on the transaction.
“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 One Congress tower is situated within the 4.8-acre Bulfinch Crossing mixed-use development, formerly home to the Government Center Garage. The location creates a strategic link between Boston’s Financial District, West End, North End, and Beacon Hill neighborhoods.
