Boston, MA— Millennium Partners, Nuveen Green Capital, and the state’ s Property Assessed Clean Energy( PACE) Massachusetts program have closed $ 281 million in private financing for The Millennium Residences at Winthrop Center in downtown Boston. The deal is the largest commercial PACE financing to date in New England.

Located at 115 Federal St., The Millennium Residences are part of Winthrop Center, a 62-story mixed-use development by Millennium Partners. The building includes 317 luxury condominium residences, approximately 800,000sf of office space, below-grade parking, and The Connector, a multi-level public gathering space. It is the world’ s largest Passive House-certified office building and has earned LEED Platinum and WELL Gold certifications. The project was financed by Cale Street Partners.

Passive House is a building standard designed to reduce energy use, particularly for heating and cooling, while maintaining a comfortable indoor environment.

PACE Massachusetts is administered in consultation with the Massachusetts Department of Energy Resources( DOER) and lets commercial property owners

Photo of Winthrop Center Courtesy of Millennium Partners

fund energy efficiency and renewable energy work by agreeing to a betterment assessment on the property. Millennium Partners will use the program to recapitalize and extend the financing term for the residences with permanent, lower-cost capital from Nuveen Green Capital, repaid through that assessment.

The structure allows owners to undertake energy upgrades without adding new debt to their balance sheet, with terms of up to 20 years. Eligible work includes solar panels, heat pumps, geothermal systems, energy-efficient lighting, and insulation. Municipalities must opt in by a majority vote of the city

or town council or board of selectmen; 89 cities and towns, including Boston, have done so.

In June 2026, an updated set of program guidelines for new construction took effect, setting financing levels based on a project’ s compliance with local building codes and expanding eligibility for allowable costs.

“ For more than three decades, Millennium Partners has been committed to creating transformative developments that redefine urban living while delivering long-term value for our communities,” said Millennium Partners Founder Christopher M. Jeffries.“ Winthrop Center is a reflection of that commitment, and this financing through the PACE Massachusetts program recognizes the investments we have made in energy efficiency while providing long-term capital that supports the building’ s enduring performance. We are proud to partner with MassDevelopment and Nuveen Green Capital on a transaction that demonstrates how innovative financing can help advance the future of sustainable development.”

“ This landmark project is a powerful example of how Commercial PACE

( C-PACE) financing can transform commercial developments,” said Mike Doty, Senior Director of Originations for Nuveen Green Capital.“ We were honored to partner with MassDevelopment to recapitalize the largest C-PACE-financed project in New England, one that has helped reshape downtown Boston with state-of-the-art, energy-efficient residences. Through C-PACE’ s accretive financing structure, Millennium Partners was able to recapitalize this project post-completion with secure long-term, low-cost, fixed-rate capital, effectively injecting liquidity back into the property.”

“ It’ s no surprise that the world’ s largest Passive House office building – and the most sustainable building in the northern US – was built in Massachusetts. Winthrop Center will use 65 % less energy than similar, non-energy-efficient buildings in the region,” said Department of Energy Resources Commissioner Elizabeth Mahony.“ PACE provides a pathway for property owners to make cost-effective investments in clean energy and energy efficiency that pay dividends by reducing monthly energy costs for families and businesses, and reducing the burden on our electric grid.”

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