BOSTON, MA – HFF announced today that it has arranged a $112 million refinancing for Seaport Square, a master-planned development area in Boston’s 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.
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 (BRA) for 5.3 million square feet of new retail, residential, hotel and office development within 15 buildings. 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.
Boston Global Investors (BGI) is a leading real estate development and consulting firm headquartered in Boston, Massachusetts. In the last 10 years, BGI has developed projects in excess of $6 billion.
Morgan Stanley Real Estate Investing (MSREI) is the global real estate investment management arm of Morgan Stanley. Established in the early 1990s, MSREI has been one of the most active real estate investors for two decades, acquiring approximately $186 billion of assets in 36 countries as of June 30, 2013. MSREI leverages the expertise, relationships and franchise of Morgan Stanley with dedicated real estate investing professionals located in 16 offices around the world providing acquisition, finance and asset management services. MSREI manages opportunistic and core investment strategies on behalf of its clients, including some of the largest pension funds, sovereign wealth funds and high net worth investors worldwide. For more information about Morgan Stanley Real Estate Investing, please visit www.morganstanley.com/realestate.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.