NEW YORK - Millennium Partners said this week that it has secured a $307 million construction loan from a consortium of banks for a planned 1.8 million-square-foot mixed-use development in Boston.
FleetBoston Financial Corp. and three German institutions - Dresdner Kleinwort Benson, Westdeutsche ImmobilienBank, and Helaba Bank - provided the loan.
This is the third loan that the four banks have made to Millennium Partners. The quartet also financed a Ritz-Carlton Co. development in Washington and a Four Seasons Hotel and Residences development in San Francisco for the property company.
The total cost of the Boston project is $500 million. It will include a 155-room Ritz-Cartlon hotel, 270 luxury condominiums, a Loews Theatres cinema with 19 screens and seven private screening rooms, a 100,000-square-foot health club, 85 rental apartments, and 50,000 square feet of retail space.