Fleet Bank is looking for one to two additional commitments of at least $5 million but as high as $25 million to close a $150 million construction loan deal. The bank is close to completing syndication on the deal made to a joint venture between Congress Group Ventures, National Electrical Benefit Fund (NEBF) and Value Enhancement Fund IV, two funds advised by Lend Lease Real Estate Investments. Wells Fargo underwrote half the deal, one banker said. PNC Bank has committed to hold $20 million while Sovereign Bank will hold $25 million. The loan is priced at LIBOR plus 2?%.
The venture tapped Fleet because of its previous relationship with the bank. The loan funds the construction of 33 Arch Street, a 600,000 square foot Class A office tower in downtown Boston. Construction is scheduled to begin this year with occupancy expected in 2003. Lend Lease officials declined to comment while Congress did not return calls. Fleet officials did not return calls.