June 18, 2019
Citizens Commercial Banking has provided a $435-million construction loan for 111 Harbor Way in Boston’s Seaport district. The 17-story property will include two levels of retail and 15 floors of office space fully leased by Amazon. Terms of the financing were not disclosed.
The building, which broke ground on May 28, is a central component of WS Development’s Boston Seaport project, the largest single real estate endeavor in city history. The overall project spans 23 acres across 20 city blocks. Construction on 111 Harbor Way is expected to be completed in 2021. PSP Investments has partnered with WS Development on the office project as part of a joint venture.
“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions,” said Gary Magnuson, head of commercial real estate finance at Citizens. “Providing construction loans that fund projects, create jobs, and strengthen growing neighborhoods, is just one of the ways that Citizens delivers substantial value for our clients and invests in our host communities such as the Seaport.”
For comments, questions or concerns, please contact David Cohen