Finance Lending
Landmark Boston, NYC Properties Acquire Financing
July 8, 2008
By: Tonie Auer, Contributing Correspondent

While deals may be slowing down, Holliday Fenoglio Fowler L.P. has arranged two deals--one for $85 million for the Boston Harbor Garage in Boston and one for $90 million refinancing for 401 West 14th St., a 62,000-square-foot retail and office building in Manhattan’s Meatpacking District.

401WestThe Boston office of HFF handled the Boston Harbor deal. The 1,380-space parking garage with 30,000 square feet of street-level retail is located at 70 East India Road in downtown Boston, adjacent to the New England Aquarium and along the Rose Kennedy Greenway, a recently created boulevard with a series of parks linking several urban neighborhoods.

HFF senior managing director Riaz Cassum and real estate analyst Carlos Febres-Mazzei repped a joint venture between The Chiofaro Co. and Prudential Real Estate Investors to secure the five-year, fixed-rate loan through Hartford Investment Management Co. The venture acquired the property in an all-cash transaction in December 2007. The Boston Globe reported on Dec. 14, that the sale price was $155 million.

HFF’s New York office worked exclusively on behalf of the owner of 401 West 14th St. The owner is a partnership comprised of affiliates of Taconic Investment Partners L.L.C. and ING Clarion Partners. HFF’s managing director Evan Pariser and senior real estate analyst Todd Newman placed the five-year, adjustable-rate loan with Landesbank Hessen-Thuringen Girozentrale (Helaba).

Originally constructed in 1927, 401 West 14th St. underwent major redevelopment and repositioning since it was acquired by the owners in 2005, including the addition of a 9,000-square-foot penthouse and a complete renovation of the base building. The four-story, Class A property (pictured) is currently 100 percent leased to Apple Inc., Hugo Boss Retail Inc., Moschino and Tudor Investment Corp. The anchor tenant, Apple Inc., leases a portion of the ground floor and the entire second and third floors, as well as the rooftop billboard.

The Chiofaro Co. is a privately held, independent firm engaged in the development, investment, leasing, management and ownership of real estate properties, including Boston’s International Place.

 
Recent Lending Headlines
CSV Acquires $214M Mezzanine Loan on Hotel Portfolio
Oct. 06, 2008
Carlton Group has reported that Carlton Strategic Ventures, CSV, the principal investment and merchant banking group of the Carlton Group, has acquired a $214 million participation in the M7 mezzanine loan tranche on the Extended Stay Hotels portfolio. The M7 loan tranche is a senior mezzanine level tranche with over $1 billion of subordinate debt and borrower equity. The M7 mezzanine loan is part of a $7.4 billion financing provided by Wachovia Bank, Bank of America, Merrill Lynch, and Bear Stearns to fund the acquisition of Extended Stay Hotels Inc. by the Lightstone Group in June 2007.
Cedar Shopping Center Secures $78M Financing Deal for $105M Project
Oct. 06, 2008
The ice cold lending market has given a warmer reception to Cedar Shopping Centers Inc., which just closed a construction financing deal valued at $77.7 million for Upland Square, a 655,000-square-foot project on 108 acres in West Pottsgrove, Pa., approximately 40 miles northwest of Philadelphia.
Sacramento-Area Indian Casino Gets $77M in Final Financing
Oct. 03, 2008
The Shingle Springs Tribal Gaming Authority, an affiliate of the Shingle Springs Band of Miwok Indians, closed yesterday on $77 million in financing for the Red Hawk Casino in Shingle Springs, Calif., about 20 miles east of Sacramento.
Bozzuto Finds $75M for Baltimore Mixed-Use Project
Oct. 02, 2008
The Bozzuto Group has secured a $75 million construction-financing package and begun work on The Fitzgerald at UB Midtown, a mixed-use community going up on 4.6 acres owned by the University of Baltimore in the heart of Baltimore’s cultural district.
Holliday Fenoglio Fowler Secures Refinancing of 2.7 MSF of Industrial Space
Oct. 02, 2008
The Dallas office of Holliday Fenoglio Fowler L.P. secured a $90.5 million refinancing for an industrial portfolio in Florida, Georgia and Texas totaling approximately 2.7 million square feet.
 

 

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