BOSTON, Mass. — BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced the closing of a $465 million, 5.5-year non-recourse mortgage loan secured by the podium and office tower at The Hub on Causeway in Boston. The financing was completed in partnership with Delaware North, BXP’s joint venture partner on the project.
“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, Executive Vice President and Chief Financial Officer at BXP.
The loan, which matures on April 9, 2031, carries a fixed interest rate of approximately 5.733 percent per annum. Proceeds were used to repay two existing loans on The Hub on Causeway that had a combined outstanding principal balance of about $490 million.
This transaction marks BXP’s first Green Bond mortgage financing, underscoring the company’s commitment to sustainable development and highlighting The Hub on Causeway as a leading example of environmentally responsible, transit-oriented design.
Located in the heart of Boston, The Hub on Causeway is a transformative mixed-use destination that integrates office space, retail and entertainment venues, a boutique hotel, and a luxury residential tower with direct access to TD Garden and North Station.
The financing was led by Wells Fargo Bank, N.A., Morgan Stanley Bank, N.A., and Bank of America.
