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Millennium Partners secures $281M PACE loan for Winthrop Center tower
The financing from Nuveen Green Capital will support energy-efficiency upgrades for the residential portion of the $1.4B project, which opened in 2023.
Millennium Partners has closed on $281M in Property Assessed Clean Energy funding for the Winthrop Center tower in Boston’s Back Bay, with the company saying the deal is the largest-ever New England loan using the PACE Massachusetts green financing program.
According to Bisnow, the financing was provided by Nuveen Green Capital for the residential portion of the 691-foot mixed-use development at 115 Federal St, backed by PACE Massachusetts funding structure. The tower was built to the Passive House sustainability standard, and the Millennium Residences component includes 317 condominium units.
Bisnow reported that Millennium Partners broke ground on the $1.4B project in 2018 and opened the tower in 2023. PACE Massachusetts provides developers capital for energy upgrades, and MassDevelopment administers the program with guidance from the Massachusetts Department of Energy Resources.
The outlet also noted that PACE Massachusetts operates across 89 Massachusetts cities and towns and that revised guidelines adopted in June expanded eligibility and streamlined application and approval processes, with C-PACE lending increasing nationally in recent years.