Capital One Refinances Shorenstein Office Property
Damian Ghigliotty April 29, 2014, 11:56 a.m.
Capital One Bank originated a $45 million loan to refinance existing debt on a Boston office property owned by Shorenstein Properties, one of the county’s oldest real estate firms, Mortgage Observer has exclusively learned.
The loan to Shorenstein Realty Investors Eight, LP, a $1.1 billion fund sponsored by the San Francisco-based firm will provide a more favorable interest rate on the 13-story office tower at 399 Boylston Street, a Capital One spokesperson said. The bank declined to say who provided the loan that is being refinanced.
Shorenstein acquired the red brick, limestone and glass building in 2007. The property, which contains about 230,000 square feet of rentable space, including 12,000 feet of retail space, is 84 percent leased. The building’s anchor tenant is Natixis Global Asset Management, a subsidiary of the French corporate and investment bank Natixis—another leading commercial real estate lender.
The office tower at 399 Boylston Street, which was built in 1983, is located in Boston’s historic Back Bay neighborhood, a block from Newbury Street’s retail district.
“Shorenstein Properties is a valued client of Capital One Bank, and we are pleased to help them refinance this premier property,” said Ben Stacks, Greater New York market manager at Capital One Bank Commercial Real Estate. “We look forward to supporting their future financing needs,” he added.