BOSTON, MA –HFF has arranged a $112 million refinancing for Seaport Square, a master-planned development area in the Seaport District. The Seaport Square master plan encompasses 20 buildings of varying sizes, totaling 6.3 million square feet of commercial development.
HFF worked on behalf of the borrower, a venture between Boston Global Investors and Morgan Stanley Real Estate Investing, to secure a six-year loan through Starwood Property Trust. The loan was structured to allow the borrower flexibility in releasing parcels while maintaining leverage such that the loan will likely carry the sponsor through full execution of their business plan, according to HFF.
Collateral for the loan consists of 15 development sites, which have historically been used as parking lots, and are fully approved by the Boston Redevelopment Authority for 5.3 million square feet of new retail, residential, hotel and office development. Located directly across the Fort Point Channel from Boston's Financial District, the development sites are situated in the heart of Boston's Seaport District.
The HFF team representing the borrower was led by executive managing director John Fowler, managing director Anthony Cutone and senior real estate analyst Brett Paulsrud.
Dirt was moved on the complex's first office tower—101 Seaport—late last month. The 17-story, 440,000 square-foot office tower will serve as the Boston headquarters for PricewaterhouseCoopers.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
