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GTIS, ULLICO Secure $160 Million Loan to Fund Development of Beacon Hill Condo Bldg.

February 6, 2018
GTIS Debt Capital Management and The Union Labor Life Insurance Co. (ULLICO) have lined up $160 million in financing to develop a new high-end condo building in the historic Beacon Hill neighborhood of downtown Boston.

The Archer Residences Beacon Hill will offer 70 condominiums at 33-61 Temple St. on the former site of the Suffolk University Law School buildings. Located one block from Boston Common and adjacent to the Massachusetts State House, the complex will include such amenities as a gym, kids room, concierge service, common roof deck and on-site parking.

“We were attracted to this investment principally because The Archer Residences Beacon Hill is destined to become a much sought-after development in one of Boston’s most elite areas. There’s nothing else comparable to it in the neighborhood," said Herb Kolben, senior vice president of ULLICO.

An affiliate of Center Court Mass will develop the project along with general contractor, Consigli Construction Co. Condos are set to begin selling late February 2018, with an occupancy date by the end of 2019.

A joint venture comprised of GTIS Partners and GoldenTree Asset Management, GTIS Debt Capital Management is a platform that focuses on financing for both commercial and residential projects.
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