2013-10-01 22:34:03 -
BOSTON, MA, October 1, 2013 - 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
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
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.com or
follow HFF on Twitter at www.twitter.com/hff.
HFF Managing Director
HFF Associate Director, Marketing
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Source: HFF, Inc. via Thomson Reuters ONE