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GE Capital Corp. Helps Capital Properties Refinance 360 Newbury St.

BOSTON-The owners obtained a $32-million loan from GE Capital Corp. for the eight-story, 128,000-sf building.

By Joe Clements | Updated on September 14, 2000

BOSTON-GE Capital Corp. has provided $32 million to refinance 360 Newbury St. in the city’s Back Bay District. The three-year, adjustable rate loan was secured on behalf of the building’s owners, New York-based Capital Properties.

Anchored by a Tower Records on the lower three floors, the 80-year-old structure was designed by renowned architect Frank O. Geary and renovated in 1987. Along with five floors of office space that have several below-market leases ready to roll over, the 128,000-sf property also was bolstered recently by Virgin Entertainments renewing the Tower Records lease for 20 years. It had been set to expire next year.

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