To keep the Winthrop Center project going, developer turned to financing from abroad – The Boston Globe

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AdvertisementMillennium was about to sign an $825 million loan to finance vertical construction, with the closing set for the first week of March. The COVID-19 pandemic hadn’t really hit the United States yet but it was raging through Asia and Europe. World financial markets were starting to freeze up — particularly the streams of global capital that finance fancy condo and office towers like Winthrop Center. Millennium’s lenders, huge investment banks led by HSBC and Goldman Sachs, told Jeffries they couldn’t sell the debt, and so they couldn’t make the loan. The deal fell through.“It was like, what the hell do we do now?” Jeffries said last week. “We don’t have the financing.”Millennium had two choices, Jeffries said: Stop the project — with its half-built foundation and no idea when it might start up again — or try to find more money.So he called an old friend, Ed Siskind, a former Goldman Sachs executive who had financed Millennium projects in the 1990s, including 10 St. James St. in Boston. Siskind now runs Cale Street Partners, a London firm that invests on behalf of Kuwait’s $533 billion sovereign wealth fund. He had access to money.Advertisement“It was …

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