{"id":1004143577,"date":"2016-05-09T09:20:17","date_gmt":"2016-05-09T17:20:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004143577"},"modified":"2020-04-06T00:09:54","modified_gmt":"2020-04-06T08:09:54","slug":"colliers-arranges-133m-refi-for-historic-boston-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-133m-refi-for-historic-boston-office-building\/","title":{"rendered":"Colliers Arranges $133M Refi for Historic Boston Office Building"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"Park<\/a>

Park Square Building, 31 St. James Ave., Boston<\/p><\/div>\n

Boston<\/strong>\u2014Colliers Boston<\/a> recently closed the $133\u00a0million\u00a0financing of\u00a0Park Square Building in Boston with Aareal Capital<\/a> on behalf of Capital Properties<\/a>. The funds were secured by Colliers Co-Chairman Kevin Phelan, assisted by Senior Vice President Stephen Horan and Patrick Boyle of the Capital Markets team.<\/p>\n

The total amount will cover the replacement of existing debt, as well as improvements to the lobby, common areas, and revamping of other interior office spaces<\/a>. Aareal provided a three-year interest-only floating rate loan, which includes two options for one-year extensions each. \u201cAareal was creative in their financing approach<\/a> and provided the sponsor with the flexibility to improve and re-tenant the building,\u201d said Boyle in prepared remarks.<\/p>\n

Located at 31 St. James Ave. in the Back Bay, the 11-story Park Square Building is situated steps away from the Arlington Light Rail MBTA station for Green Line services and within a 10-minute walk from the Tufts Medical Center<\/a> station for the Orange Line. The historic 540,000-square-foot Boston office property<\/a>, spanning a full block between Arlington and Berkeley Streets, was originally completed in 1922 and last saw cosmetic renovations in 1999. According to Yardi Matrix<\/a>, the Class A Park Square Building is managed by its owner, Capital Properties, and is served by Boston Realty Advisors as leasing manager.<\/p>\n

At the time of closing, the property\u2019s occupancy rate surpassed 96 percent, the tenant roster including names like WeWork, Fiksu, Yahoo, Goji, and HNTB, as well as the French, Turkish, Spanish, Portuguese, and Columbian Consulates. Park Square Building also includes 40,000 square feet of first-floor retail.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The funds for the 11-story Park Square Building in the Back Bay were secured through Aareal Capital on behalf of Capital Properties.<\/p>\n","protected":false},"author":740,"featured_media":1004143579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21784,21825,21742,10,21747],"tags":[],"class_list":["post-1004143577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-brokerage","category-finance","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nColliers Arranges $133M Refi for Historic Boston Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-133m-refi-for-historic-boston-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colliers Arranges $133M Refi for Historic Boston Office Building\" \/>\n<meta property=\"og:description\" content=\"The funds for the 11-story Park Square Building in the Back Bay were secured through Aareal Capital on behalf of Capital Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-133m-refi-for-historic-boston-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-09T17:20:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T08:09:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Park-Square-Courtesy-Yardi-Matrix.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-133m-refi-for-historic-boston-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-133m-refi-for-historic-boston-office-building\/\",\"name\":\"Colliers Arranges $133M Refi for Historic Boston Office Building - 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