Bushburg secured a $320 million construction loan from Bridge City Capital and Deutsche Bank to partially convert the 40-story, 1.2 million-square-foot tower at 80 Pine Street into 713 apartments. The firm bought the largely vacant former Rudin family property for $160 million and has begun converting floors 2 through 17. The project uses the state’s 467-m tax incentive, offering a 35-year exemption in exchange for reserving 25% of units for moderate-income renters. The building will retain some office space, which initially posed challenges for financing. The first phase of apartments is expected to open in January.
Bridge City Capital and Deutsche Bank
