Children’s Investment Fund Management provided Carpenter & Company with a $500m loan for the construction of a Four Seasons that is slated to become Boston’s tallest residential tower.
As part of a $680m package, Citi Private Bank also provided an additional $180m in joint venture equity for the construction of the Four Seasons Hotel & Private Residences One Dalton Street, Boston.
Developers broke ground at the site in January with 700-foot ambitions, which if achieved would make the tower the tallest residential building in the Hub, but still shorter than the iconic 790-foot Hancock Place and 750-foot Prudential Tower office buildings.
London-based Children’s Fund has quickly earned a reputation in the US as a reliable one-stop-shop for massive financings that would otherwise require a consortium of banks. In 2013 it provided a $660m loan on Larry Silverstein’s own towering Four Seasons at 30 Park Place in Manhattan, followed in October by a $450m loan against Zeckendorf Development’s 520 Park Avenue condos.
The 61-story Four Seasons Hotel & Private Residences One Dalton Street, Boston was designed by architects Pei Cobb Freed & Partners in collaboration with Cambridge Seven Associates. It will consist of 180 private residences on floors 25 through 61 and a 211-room luxury hotel occupying the lower 23 floors. HFF, which arranged the financing, made the official announcement today.
Construction is slated for completion midway through 2017.