In Brief: N.Y. Developer Funds Giant Project in Boston

Boston's largest commercial real estate project since 1984. The 1.4 million-square-foot facility is the first fruit of a recent $300 million equity infusion by Goldman Sachs & Co., investor George Soros, and a consortium of German financial institutions. It is to include residential condominiums, hotels, a Sony Theaters multiplex, a Reebok sports club, and parking. The investment, which Goldman and the others made last month, will also fund projects in San Francisco and Washington, according to Olivia Douglas, a project manager for Millennium. The funding "gives us a basis of capital that will allow us to pursue over $1 billion of real estate development," she said. "This is an investment in our vision." Typically, developers obtain financing and receive equity infusions on a project-by-project basis. But since Millennium was able to obtain these funds in one lump sum, it was able to go forward with several projects simultaneously, she said.