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| Rendering of planned 61-Story Four Seasons Hotel & Private Residences One Dalton Strreet, Back Bay District, Boston, MA |
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| Robyn King |
BOSTON, MA – HFF announced today that is has arranged
construction financing and joint venture equity totaling $680 million for the
61-story Four Seasons Hotel & Private Residences One Dalton Street,
Boston, the tallest building to be constructed in New England since the early
1970s.
HFF
worked on behalf of Carpenter & Company, Inc. to secure the $500 million
construction loan through The Children’s Investment Fund Management (UK)
LLP. Citi Private Bank raised $180
million in joint venture equity for the project.
Designed by architects Pei Cobb Freed & Partners in collaboration
with Cambridge Seven Associates, Four Seasons Hotel & Private Residences
One Dalton Street, Boston will be the only super luxury high-rise residential
tower in the city, offering spectacular unobstructed views in all directions.
The project will also launch Boston into an elite group of
only seven cities around the world that is home to more than one Four Seasons
hotel, including London, Shanghai, Singapore, Istanbul, New York, Los Angeles,
and Chicago.
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| Riaz A. Cassum |
The
development will consist of 180 high-end private residences on floors 25
through 61 of the building and a 211-room luxury hotel occupying the lower 23
floors.
In addition to
exclusive residential amenities, residents will have full access to all of the
hotel’s world-class services and amenities, including two restaurants, two
lounges and a private health club and spa featuring a 70-foot-long swimming
pool located along an exterior glass wall.
Both the hotel and
residential entrances and lobbies will front the new park being developed
across the street and are adjacent to the 10-acre Christian Science Plaza,
which provides built-in open space for residents.
The property is within close proximity to the shops, restaurants
and entertainment venues of Copley Place, The Prudential Center, Boylston
Street and Newbury Street, as well as cultural amenities such as the Boston
Public Library, Symphony Hall and the Museum of Fine Arts.
Public transportation is available via the MBTA’s Green and
Orange Lines. The project broke ground
January 2015, and construction is estimated to occur over a two and a half year
period.
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| John Fowler |
The
HFF debt and equity placement team representing the borrower was led by senior
managing director Riaz Cassum, executive managing director John
Fowler and senior real estate analyst Robyn King.
“One
Dalton will deliver an unmatched, super luxury product marked by iconic
architecture, a coveted address and walkability to renowned Back Bay shopping
and restaurants coupled with Four Seasons’ legendary hotel services, top-of-the-line
amenities and dramatic panoramic views,” Cassum said. “This is a legacy development, the size and scale of which are
unlikely to be duplicated in the city.”
In
existence since 1898, Carpenter & Company, Inc. is a highly respected and
experienced firm involved in real estate development, ownership and
management.
Carpenter was incorporated in 1973 by Richard L. Friedman,
and, since that time, has devoted most of its resources to the development of
hotels, mixed-use projects and retail properties. In the last 12 years alone, Carpenter has successfully developed
hotel and mixed-use projects valued today at more than $1 billion.
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| Richard L. Friedman |
Carpenter is particularly adept at working closely with
institutional, governmental, community, neighborhood and political groups to
create an inclusive development process that helps to ensure the successful
completion of a project.
Some of Carpenter’s projects include the St. Regis San
Francisco Hotel and Residences, the Liberty Hotel, the Logan Airport Hilton,
the Brookline Marriott Courtyard, Charles Square and the Charles Hotel and the
Westin Boston Waterfront.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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