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$281M PACE financing recapitalizes Winthrop Center residences in Boston

MassDevelopment, Nuveen Green Capital and Millennium Partners will extend financing terms for the 317-unit Millennium Residences using lower-cost capital repaid via property betterment assessments.

Reported · Written up by our desk · Residential

ConnectCRE reports that MassDevelopment, Nuveen Green Capital and Millennium Partners announced $281 million in private financing for the Millennium Residences at Winthrop Center at 115 Federal St. in downtown Boston under Massachusetts' Property Assessed Clean Energy, or PACE, program.

The project is described as the largest commercial PACE financing to date in New England. The plan will recapitalize and extend the financing term for the Millennium Residences, using permanent, lower-cost financing from Nuveen Green Capital.

According to the announcement, repayment will be made through a betterment assessment on the property. ConnectCRE also notes that the development combines a Passive House office building with public gathering spaces and 317 luxury condominium residences.

Gov. Maura Healey said the financing is intended to help residents and businesses lower their bills by reducing energy usage, while supporting continued economic growth in downtown Boston through the PACE Massachusetts approach.

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