GMAC Commercial Mortgage Provides $250 Million Construction Financing for Premier Boston Office Complex
HORSHAM, PA -- (December 3, 2001) -- GMAC Commercial Mortgage Corp. has provided $250,000,000 in construction financing for a premier Boston, Massachusetts office property. Located at One Lincoln Street, the Class "A" office building is a combination of a 7-story low-rise building connected to a 36-story office tower with a total of approximately 1,075,000 square-feet.
The facility also contains ground level retail space and five levels of underground parking. Located within Boston's highly desirable Financial District, the facility is situated on a 1.5 acre site bordered by Lincoln, Bedford, Kingston and Essex Streets. State Street Corporation is the single office tenant for the entire property. They are a global financial services company that specializes in serving institutional investors. State Street is currently the leading provider of services for U.S. mutual funds and offshore funds. GMACCM Senior Vice President Bill Kitley of the Red Bank, New Jersey retail production office arranged the transaction.
One Lincoln Street features include:
-- five levels of underground parking for 900 cars with easy access to and from both Kingston Street and Lincoln Street with two dedicated garage elevators from each level of the Garage to the building lobby, -- a combination of retail space and building lobbies at the Ground floor, -- six levels of low-rise office space, -- five levels of low-rise tower office space, -- ten levels of mid-rise tower office space, -- fourteen levels of high-rise tower space, -- four-bay loading dock facility on the mezzanine level with dedicated access to and from Kingston Street
GMAC Commercial Mortgage, a wholly owned subsidiary of GMAC Commercial Holding Corp, is a U.S. financial solutions provider servicing commercial real estate borrowers and investors seeking relationship-based advice and consultation.