Capital Properties Secures Fund for 11-Story Building

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BOSTON-One of the city’s most architecturally unique commercial properties has been underpinned with new financing, as owner Capital Properties Inc. has secured a $9.5-million permanent loan for 29 Commonwealth Ave. Lehman Brothers tendered the 10-year, interest-only note on behalf of Capital, a New York City-based real estate development and investment firm owned by Boston native Richard D. Cohen.

“The stabilized nature of the rent roll made this an ideal candidate for a securitized permanent loan,” says Meredith & Grew VP Seth Rosen, who arranged the financing for Capital along with M&G EVP Kevin Phelan. Occupied by a diverse range of medical and professional tenants, 29 Commonwealth Ave. is 100% occupied, Rosen relays, and has traditionally performed well in that regard. The 11-story building offers just under 37,000 sf of rentable space.