$112 million in refinancing has been secured by the developers of Seaport Square, a master-planned development area in Boston’s Seaport District.
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.
Seaport Square, the largest development project on Boston’s Waterfront, will transform 23 acres of land historically used as surface parking lots into a vibrant, 24/7 neighborhood. Through the construction of five new streets, over 20 buildings, and four prominent public gathering areas, Seaport Square will connect the Fort Point, Fan Pier, Pier 4, and Waterside Place developments into a more unified, walkable, and inviting district.
Seaport Square’s 20 city blocks will be “mixed use” with the buildings designed to meet a LEED Silver level of certification or higher, and will consist of apartments, condominiums, office space (for established companies as well as startups), hotels, a new chapel, a supermarket, restaurants, local and regional retail, a visitors’ center, art galleries, a cinema and a proposed performing arts center.