BOSTON—HFF has arranged construction financing and joint-venture equity totaling $680 million for the 61-story Four Seasons Hotel & Private Residences One Dalton St. here.
HFF worked on behalf of Carpenter & Co., 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.
The project is being designed by architects Pei Cobb Freed & Partners in collaboration with Cambridge Seven Associates. It broke ground in January and construction is estimated to occur over a 30-month period.
The project also makes Boston one of only seven cities that are home to more than one Four Seasons hotel, including London, Shanghai, Singapore, Istanbul, New York, Los Angeles and Chicago.
The development consists of 180 private residences on floors 25 through 61 of the building and a 211-room luxury hotel occupying the lower 23 floors. In addition to residential amenities, residents will have full access to all of the hotel’s services and amenities, including two restaurants, two lounges and a private health club and spa featuring a 70-ft.-long swimming pool located along an exterior glass wall. 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 proximate the shops, restaurants and entertainment venues of Copley Place, The Prudential Center, Boylston St., Newbury St., the Boston Public Library, Symphony Hall and the Museum of Fine Arts.
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.
In existence since 1898, Carpenter & Co., Inc. is involved in real estate development, ownership and management. It was incorporated in 1973 by Richard L. Friedman, and devotes most of its resources to the development of hotels, mixed-use projects and retail properties, according to HFF. 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.