JLL arranges $650M refinancing for One Congress on behalf of Carr Properties and National Real Estate Advisors

BOSTON, May 19, 2025 – JLL’s Capital Markets group announced today that it has arranged a $650 million refinancing for One Congress, a recently delivered, trophy office building totaling 1,008,000 square feet in Boston, Massachusetts.

JLL worked on behalf of the borrowers, Carr Properties (“Carr”) and National Real Estate Advisors (“National”), to arrange the SASB (single-asset, single-borrower) loan led by Wells Fargo and Bank of America.

Completed in 2023 and designed by the world-renowned architecture firm Pelli Clarke & Partners, One Congress has become an iconic fixture in the Boston skyline. The 43-story tower offers more than one million square feet of sustainable, energy-efficient office space with column-free floor plans and irreplaceable views of the Charles River, downtown Boston and Boston Harbor. The property also boasts a best-in-class amenity package featuring a full-floor amenity center with food and beverage service, 15,000 square feet of rooftop terrace space, a 7,000-square-foot fitness center and a triple-height lobby with coffee bar and seating.

The trophy tower sits within the Bulfinch Crossing redevelopment, which was the former site of the Government Center Garage. The 4.8-acre development serves as a connection between Boston’s Financial District, West End, North End and Beacon Hill neighborhoods. One Congress has direct access to the MBTA’s Orange and Green lines and is walkable to both North Station and South Station, offering commuter rail access to the Greater Boston area. Additionally, the property is convenient to Interstate 93, the Massachusetts Turnpike and Logan International Airport.

The JLL Capital Markets Debt Advisory team representing the borrowers was led by Executive Managing Directors Riaz Cassum and Coleman Benedict, Senior Managing Director Jim Meisel, Director Mike Shepard, CFA and Associate Hugh Doherty.

“Securing SASB financing for assets, particularly office in the current environment, can be challenging,” said Cassum. “SASB lenders typically look for top quality assets with reputable borrowers, both of which One Congress had. The Carr and National partnership delivered an office asset that has redefined the trophy office landscape in Boston. We are honored to have played a role in this significant financing and are excited to watch the continued evolution of Bulfinch Crossing.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Carr Properties is a privately held real estate investment trust that owns, manages, acquires, and develops premium quality office and residential properties in Washington, DC, Boston, Massachusetts, and Austin, Texas. The company currently owns a portfolio of 11 commercial office properties totaling approximately 4 million square feet and two sites for future multi-family development totaling 546 homes. Additionally, the company manages third-party properties that include an additional 1.6 million square feet.

Media Contact: carr@berlinrosen.com

National Real Estate Advisors, LLC (“National”) is an investment manager developing, operating, and managing commercial real estate projects across the United States. Since 2000, National's investment team has been constructing investment portfolios of diverse property assets — primarily multifamily, data centers, office, healthcare, and medical buildings. National manages separate accounts and multiple commingled investment vehicles. Guided by stewardship, National seeks to create solid, long-term, risk-adjusted returns for investors by adhering to a rigorous investment process and sound development principles. National is an independently operated subsidiary of the National Electrical Benefit Fund (“NEBF”), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.