BXP, Inc. and joint venture partner Delaware North have closed on a $465-million, 5.5-year, non-recourse mortgage loan secured by the podium and office tower at The Hub on Causeway, a mixed-use development at 100 Causeway St. in Boston. The financing was led by Wells Fargo Bank, Morgan Stanley Bank and Bank of America.
The loan is scheduled to mature on April 9, 2031, and bears interest at a fixed rate of approximately 5.733% per annum. Proceeds were used to repay two existing loans on The Hub on Causeway having an aggregate outstanding principal balance of approximately $490 million.
This transaction represents BXP’s first “Green Bond” mortgage financing. “We are pleased to complete this financing, which not only enhances the strength and flexibility of our balance sheet, but also demonstrates our access to attractively priced capital in the secured mortgage market,” said Mike LaBelle, EVP and CFO, BXP.
