Portion of South Boston Development Funded for $170 Million
Carl Gaines Oct. 2, 2012, 3:33 p.m.
One Channel Center, a 500,000-square-foot office building under development in Boston’s Seaport District, has received a $170 million construction loan.
A team from HFF, led by Managing Director Anthony Cutone and Director Porter Terry, arranged the financing, working on behalf of the developers—AREA Property Partners and Commonwealth Ventures.
According to sources, the loan is through JPMorgan Chase.
The Channel Center project will sit on seven acres in South Boston and, in all, will include five existing buildings and an additional 751,000-square-feet of office and residential.
Commonwealth Ventures bought the development rights to the site in 2007 from Beacon Capital Partners, which sold it for $21.5 million and took a loss. One Channel Center will be an 11-story, Class A building. It’s set to be leased in its entirety to financial services provider State Street Corporation.
“One Channel Center is an exciting and appropriate culmination of its investors’ vision and dedication to establishing Channel Center as a vibrant commercial and residential neighborhood,” said HFF’s Mr. Cutone in a prepared statement. “Combining top-notch sponsorship, a central urban location and premier tenancy, the project epitomizes successful urban development.”