Client Success

Sherin and Lodgen represents MassDOT in Bulfinch Triangle Ground Lease

January 25, 2016

Peter Friedenberg, partner in the firm’s Real Estate Department, and Beth A. Goldstein, associate in the firm’s Real Estate Department, represented the Massachusetts Department of Transportation in the negotiation and closing of a 99-year Ground Lease to a national developer for the construction of a 14-story, 484,000 s.f. building which will include 239 rental apartments, a 220-room hotel, 9,500 s.f. of retail space, and up to 220 parking spaces. All of the residential units will be restricted to maximum rental rates set at differing percentages of area median income in order to assure their affordability.  The developer assembled a complicated combination of debt and equity from a number of private and governmental sources for the $225 million project, as well as obtaining property tax relief through Chapter 121A.  The site, which is situated on Beverly and Causeway Streets in downtown Boston on parcels which were created as part of the Central Artery/Tunnel project, is above the I-93 tunnel.