Carpenter & Company, Inc. has secured $680 million in construction financing and joint venture equity for the 61-story Four Seasons Hotel & Private Residences One Dalton Street, Boston, the tallest building to be constructed in New England since the early 1970s.
HFF worked on behalf of Carpenter & Company, 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 which broke ground last month. Construction is estimated to take two and a half years.
Designed by architects Pei Cobb Freed & Partners in collaboration with Cambridge Seven Associates, Four Seasons Hotel & Private Residences One Dalton Street, Boston will be the only super luxury high-rise residential tower in the city, offering nobstructed views in all directions.
The project will also launch Boston into an elite group of only seven cities around the world that is home to more than one Four Seasons hotel, including London, Shanghai, Singapore, Istanbul, New York, Los Angeles, and Chicago.
The development will consist of 180 high-end private residences on floors 25 through 61 of the building and a 211-room luxury hotel occupying the lower 23 floors. 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-foot-long swimming pool located along an exterior glass wall. Both 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.
“One Dalton will deliver an unmatched, super luxury product marked by iconic architecture, a coveted address and walkability to renowned Back Bay shopping and restaurants coupled with Four Seasons’ legendary hotel services, top-of-the-line amenities and dramatic panoramic views,” said senior managing director of HFF Riaz Cassum.
Some of Carpenter’s other 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.