JLL’s Capital Markets group arranged a $650-million refinancing for One Congress, a recently delivered, trophy office building totaling 1,008,000 square feet in Boston. Executive managing directors Riaz Cassum and Coleman Benedict, senior managing director Jim Meisel, director Mike Shepard, CFA and associate Hugh Doherty worked on behalf of Carr Properties and National Real Estate Advisors to arrange the single-asset, single-borrower (SASB) loan led by Wells Fargo and Bank of America.
“Securing SASB financing for assets, particularly office in the current environment, can be challenging,” said Cassum. “SASB lenders typically look for top quality assets with reputable borrowers, both of which One Congress had. The Carr and National partnership delivered an office asset that has redefined the trophy office landscape in Boston.”
Completed in 2023, the 43-story One Congress sits within the Bulfinch Crossing redevelopment, formerly the site of the Government Center Garage. The 4.8-acre development serves as a connection between Boston’s Financial District, West End, North End and Beacon Hill neighborhoods.
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