Millennium Partners has secured a total of $856 million in financing for Winthrop Center, the mixed-use tower in downtown Boston that combines luxury residential and office space. JLL advised the sponsor on both the residential and office capital stacks, coordinating separate loans for each component of the project.
According to JLL, executive managing director Riaz Cassum, managing director Andrew Gray, vice president Robyn King and analyst David Mega worked on behalf of Millennium Partners. The team arranged a 20-year, C-PACE residential inventory loan through Nuveen Green Capital for The Millennium Residences at Winthrop Center. In addition, they placed a five-year, $575 million securitized financing package through Morgan Stanley and Barclays for The Offices at Winthrop Center.
Cassum described Millennium Partners as having a long-established track record in Boston’s luxury residential market and characterized Winthrop Center as the sponsor’s most advanced living and work environment to date. He noted that the project is designed around a combination of sustainability features, high-end services and extensive amenities that serve both residents and commercial occupants within the property.
Cassum also emphasized that the substantial capital commitment from institutional lenders reflects confidence in the sponsorship and the quality of the asset. He pointed to the transaction as evidence of the underlying strength in Boston’s ultra-luxury condominium segment and its trophy office market, even as the financing is split between distinct residential and office components.
Developed by Millennium, Winthrop Center includes 823,856 square feet of office space along with 317 luxury residences. The residential and office elements are branded as The Millennium Residences at Winthrop Center and The Offices at Winthrop Center, respectively, aligning the project under a single mixed-use identity in downtown Boston.
