The Fallon Company, a prominent developer in the Boston region, has secured a $215 million construction loan from Bank OZK for their latest project. This financing comes at a time when securing funding for projects is becoming increasingly difficult. The loan will be used to construct a 14-story residential tower located near the Institute of Contemporary Art in Boston’s Seaport District.
According to reports from the Business Journal, this new tower at 1 Harbor Shore Dr. has already received permitting approval and will join other buildings on surrounding blocks as part of Fan Pier development. Notable tenants in this area include Vertex Pharmaceuticals and MassMutual, along with two luxury residential buildings.
While previous years saw low borrowing rates leading to an influx of construction projects across neighborhoods like Seaport, recent increases in interest rates have caused some slowdowns alongside rising construction costs and declining demand for office spaces.
Overall, The Fallon Company’s successful acquisition of funding marks another milestone towards completing Fan Pier development which continues to transform Boston’s waterfront properties into thriving communities.
