The Fallon Company, a reputable developer in the Boston area, has successfully secured a $215 million construction loan from Bank OZK for their latest project. This achievement comes at a time when obtaining financing for projects in the region is becoming increasingly difficult. The loan will fund the development of a 14-story residential tower located near the Institute of Contemporary Art, adding to an already thriving cluster of buildings in Boston’s Seaport District.
According to reports from the Business Journal, all necessary permits have been obtained for this new addition to Fan Pier. The highly sought-after neighborhood already boasts prestigious offices such as Vertex Pharmaceuticals and MassMutual, as well as two luxurious residential buildings. With its prime waterfront location and modern design, 1 Harbor Shore Dr. is set to become one of Seaport’s most coveted properties.
While previous years saw low borrowing rates leading to an influx of construction projects across various neighborhoods including Seaport Districts; recent increases in interest rates have resulted in slower growth along with other factors such as rising construction costs and declining demand for office spaces.
The article “Fallon Closes on $215M Construction Loan for Fan Pier Residential” was originally published by Connect CRE.
