JLL advises on $856M in financing across The Millennium Residences and The Offices at Winthrop Center

Rhea-AI Summary

JLL (NYSE:JLL) reported that its Capital Markets group advised Millennium Partners on $856 million in financing for Boston’s Winthrop Center, a $1.3 billion mixed-use tower. According to JLL, the mandate comprised a $281 million, 20-year C-PACE residential inventory loan for The Millennium Residences arranged through Nuveen Green Capital and a $575 million, five-year securitized loan for The Offices at Winthrop Center arranged through Morgan Stanley and Barclays.

Winthrop Center includes approximately 823,856 square feet of Class A Passive House-certified office space and 317 luxury residential units. Nuveen Green Capital stated this is the largest C-PACE-financed transaction in New England. JLL highlighted this as evidence of institutional appetite for high-quality, sustainable assets backed by established sponsorship.

Positive

• Advised on $856M total financing across Winthrop Center’s office and residential components
• $281M, 20-year C-PACE loan for Millennium Residences arranged through Nuveen Green Capital
• $575M, five-year securitized loan for office component arranged through Morgan Stanley and Barclays
• Financing associated with $1.3B landmark mixed-use, Passive House-certified Winthrop Center
• Transaction described as largest C-PACE-financed deal in New England, showcasing JLL’s debt advisory capabilities

Negative

• None.

News Explained

JLL says Nuveen Green Capital closed the $281 million C-PACE loan, while it describes the $575 million office financing as arranged, leaving the two components at different disclosed completion states.

Market Context

JLL's recent news reactions ranged from -1.43% to 6.39%, providing a broad platform baseline for thi...

Analysis

JLL's recent news reactions ranged from -1.43% to 6.39%, providing a broad platform baseline for this financing announcement. Recent insider Net Selling adds context; transaction execution remains worth watching.

Key Figures

Total financing: $856M C-PACE loan: $281M Securitized loan: $575M +5 more

8 metrics

Total financing $856M Winthrop Center

C-PACE loan $281M Millennium Residences

Securitized loan $575M Offices at Winthrop Center

Residential loan term 20 years C-PACE residential inventory loan

Office loan term five years Securitized office financing

Project value $1.3 billion Winthrop Center mixed-use tower

Office space 823,856 square feet Class A Passive House-certified office space

Residential units 317 luxury residential units Winthrop Center

Historical Context

5 past events · Latest: Aug 25 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 25	Credit market report	Positive	+1.4%	JLL reported improving liquidity and stronger bidding activity across commercial real estate transactions.
Aug 24	Office property sale	Positive	+0.0%	JLL completed a $435 million Boston office transaction involving a highly leased trophy asset.
Jul 30	Second-quarter earnings	Positive	+6.4%	JLL reported record quarterly earnings and raised its full-year adjusted EPS growth target.
Jul 21	AI real estate research	Neutral	-0.5%	JLL research described uneven AI-related leasing and employment effects across U.S. real estate markets.
Jul 20	Real estate capitalization	Positive	-1.4%	JLL arranged $617 million across multifamily funds and a Manhattan development.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

JLL's recent news reactions were positive in three of five events and negative in two, with earnings producing the largest listed gain.

Key Terms

c-pace, securitized financing, passive house

3 terms

c-pace financial

"20-year, C-PACE residential inventory loan through Nuveen Green Capital"

A C‑PACE (Commercial Property Assessed Clean Energy) program is a way for commercial property owners to finance energy efficiency, renewable energy, or resiliency upgrades through a long‑term assessment added to the property tax bill. Think of it like a mortgage specifically for building upgrades that stays with the property and is repaid via tax installments. Investors care because C‑PACE liens affect a building’s cash flow, create a senior repayment obligation on the property, and can change credit and resale dynamics tied to long‑term cost savings and project risk.

securitized financing financial

"the five-year, $575M securitized financing through Morgan Stanley and Barclays"

Securitized financing is a way for a company or lender to turn a group of loans or other predictable cash flows into tradable securities that are sold to investors, like bundling many small IOUs into one package. It matters to investors because it changes who bears the credit and interest-rate risk, can provide steady income streams, and affects a borrower’s balance sheet and liquidity—so it influences risk, yield and valuation decisions.

passive house technical

"the world's largest Passive House office building"

A passive house is a strict building standard that minimizes a structure’s heating and cooling needs through high-quality insulation, airtight construction, high-performance windows, and balanced mechanical ventilation with heat recovery. It matters to investors because such buildings typically have much lower energy and maintenance costs, higher occupant comfort and market appeal, and may face different regulatory incentives or valuation adjustments—like buying a property that runs on far less fuel.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Nuveen Green Capital closes $281M C-PACE loan for The Millennium Residences, alongside a $575M loan for The Offices at Winthrop Center, the world's largest Passive House Office Building

Key Takeaways:

• JLL advises on $856M in total financing for Winthrop Center, including a $281M C-PACE residential inventory loan and a $575M securitized office loan
• Winthrop Center was developed by Millennium Partners and consists of 823,856 square feet of Class A Passive House-certified office space and 317 luxury residential units
• The financing reflects strong institutional lender appetite for high quality, irreplaceable assets backed by best-in-class sponsorship

BOSTON, Aug. 26, 2026 /PRNewswire/ -- JLL's Capital Markets group announced today that it has advised Millennium Partners on the $281M financing for The Millennium Residences and the $575M loan for The Offices at Winthrop Center, Boston's landmark $1.3 billion mixed-use tower.

JLL worked on behalf of the borrower to arrange the 20-year, C-PACE residential inventory loan through Nuveen Green Capital and the five-year, $575M securitized financing through Morgan Stanley and Barclays for the office component of the project.

At 691 feet, Winthrop Center is the tallest building in Boston's downtown core and has achieved global recognition as the world's largest Passive House office building, totaling approximately 823,856 square feet, and setting a new standard for next-generation workplace centered on sustainability, wellness and performance. The Millennium Residences at Winthrop Center comprise 510,000 square feet of luxury residences, delivering an elevated residential experience defined by exceptional design, world-class amenities and services, and panoramic views of the Boston skyline, Charles River and Boston Harbor.

Winthrop Center is at the epicenter of Downtown Boston offering unparalleled access to South Station, 28 million square feet of Class A office space and Boston's most distinguished shopping, dining and entertainment destinations.

"This financing is a key milestone that reflects the confidence that leading institutional partners continue to place in Winthrop Center," said Christopher M. Jeffries, Founder of Millennium Partners. "Winthrop Center was conceived as a landmark building for Boston with significance well beyond the city, setting a global standard for sustainable mixed-use development. We are proud to see that vision recognized from our financial partners."

JLL Capital Market's Debt Advisory team representing the borrower was led by Executive Managing Director Riaz Cassum, Managing Director Andrew Gray, Vice President Robyn King and Analyst David Mega.

"This transaction reflects the convergence of exceptional sponsorship, irreplaceable product and structural market dynamics that institutional lenders seek in today's environment," said Cassum. "Millennium Partners has an unmatched track record in Boston's luxury residential market. Winthrop Center represents the most evolved living and work experience the sponsor has ever created, combining world-class sustainability, five-star services, and extraordinary amenities for both residents and commercial occupants. This sizeable commitment from institutional lenders is a testimony to proven sponsorship, the asset's quality and the fundamental strength of both Boston's ultra-luxury condominium and trophy office markets."

"It was a pleasure to partner with JLL and Millennium Partners to capitalize this landmark project, which marks the largest C-PACE-financed transaction in New England," said Mike Doty, Senior Director of Originations for Nuveen Green Capital. "Through C-PACE's cost-effective financing, the sponsor was able to recapitalize the residences portion of the property alongside $575 million in financing from Morgan Stanley and Barclays for the offices, delivering an innovative capital structure that adds long-term value, while helping to ensure the success of The Millennium Residences and The Offices at Winthrop Center."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL's Capital Markets group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom. 

About JLL 
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

About Millennium Partners
Founded in 1991, Millennium Partners is an internationally recognized developer of luxury mixed-use properties, responsible for landmark developments in some of the nation's most dynamic urban locations. The firm has created an unparalleled portfolio of properties that bring together luxury condominiums, state-of-the-art entertainment complexes, world-class spa and fitness facilities, Class-A office space, and five-star hotel brands, including The Ritz-Carlton Hotel Company LLC and Four Seasons Hotels and Resort.

In Boston, Millennium Partners has been instrumental in shaping Downtown through projects including the record-setting Millennium Tower and Millennium Place, and most recently, Winthrop Center. Winthrop Center is a next-generation mixed-use tower and the world's largest Passive House-certified office building, designed with a focus on sustainability and workplace wellness. Together, these projects reflect Millennium Partners' continued commitment to thoughtful development and long-term investment in the city. For more information, please visit millenniumptrs.com.

About Nuveen Green Capital
With over $6 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+¹ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program², has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. To learn more, visit: Nuveen.com/greencapital

Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 543 4873
Email: kristen.murphy@jll.com

________________________________

1 Total assets under management (AUM) as of 1/1/2025

2 The United States Department of Energy: 2016 C-PACE Report lists the Connecticut C-PACE program as the first statewide C-PACE program in the U.S.

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SOURCE JLL

FAQ

What financing did JLL (NYSE:JLL) arrange for Winthrop Center in August 2026?

JLL arranged $856 million in total financing for Winthrop Center. According to JLL, this included a $281 million C-PACE residential inventory loan and a $575 million securitized office loan on behalf of developer Millennium Partners.

How is the $856M Winthrop Center financing structured for The Millennium Residences and The Offices?

The capital stack combines a $281 million, 20-year C-PACE loan for The Millennium Residences and a $575 million, five-year securitized loan for The Offices. According to JLL, Nuveen Green Capital provided the C-PACE financing, while Morgan Stanley and Barclays led the office loan.

Why is the Nuveen Green Capital C-PACE loan at Winthrop Center significant for JLL investors?

The $281 million C-PACE loan is described as the largest C-PACE-financed transaction in New England. According to JLL and Nuveen Green Capital, the deal showcases demand for sustainable, high-quality assets and highlights JLL’s ability to structure innovative, long-term financing solutions.

What are the key features of Winthrop Center that support the $856M financing JLL advised on?

Winthrop Center includes about 823,856 square feet of Class A Passive House-certified office space and 317 luxury residential units. According to JLL, its sustainability profile, amenities and central Boston location support strong institutional lender interest in the project.

Who were the financing counterparties in JLL’s $856M Winthrop Center transaction?

Nuveen Green Capital provided the $281 million C-PACE residential loan, while Morgan Stanley and Barclays arranged the $575 million securitized office financing. According to JLL, its Capital Markets Debt Advisory team represented Millennium Partners, the project’s developer.

How does the $856M Winthrop Center financing reflect institutional appetite for green office assets?

The sizeable loans indicate strong institutional interest in a Passive House-certified, mixed-use tower. According to JLL, the financing underscores lender preference for high-quality, sustainable assets with experienced sponsorship in established markets like Boston.