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Citizens Commercial Banking has provided a $435M construction loan to the development team behind Amazon’s 500K SF Seaport expansion.
Boston-based WS Development and Canadian pension manager PSP Investments are development partners on Amazon’s 17-story Seaport Square office building currently under construction at 111 Harbor Way. The partnership closed on the $435M construction loan earlier this month, Rhode Island-based Citizens Bank announced Monday.
“We are proud to lead this landmark transaction for our valued and longstanding client WS Development,” Citizens Head of Commercial Real Estate Finance Gary Magnuson said in a statement. “Providing construction loans that fund projects, create jobs and strengthen growing neighborhoods, is just one of the ways that Citizens delivers substantial value for our clients and invests in our host communities such as the Seaport.”
The Seaport building will include two floors of lower-level retail with 15 floors of Amazon office above. The company plans to hire 2,000 workers for the Seaport office and has the option to double its Seaport Square footprint at a neighboring parcel. Construction at 111 Harbor Way is expected to be complete in 2021.
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