HFF Arranges $170 Million Construction Loan for One Channel Center in Boston
BOSTON--(BUSINESS WIRE)-- HFF announced today that it has arranged a $170 million construction loan for One Channel Center, a 500,000-square-foot office building currently under development by AREA Property Partners and Commonwealth Ventures in Boston's Seaport District.
The HFF team led by managing director Anthony Cutone and director Porter Terry worked on behalf of AREA and Commonwealth to secure the construction loan.
The property will feature an 11-story, Class A office building leased in its entirety to State Street Corporation, and an adjacent 960-space parking garage. The project broke ground this past summer and is slated for delivery in early 2014. One Channel Center is situated within the larger Channel Center project, a two million-square-foot mixed-use development area featuring office, residential and retail uses.
"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 Cutone. "Combining top-notch sponsorship, a central urban location and premier tenancy, the project epitomizes successful urban development."
Commonwealth Ventures, LLC (www.commonwealthventures.com) is a premier real estate investment and development company operating in Boston, Rhode Island and Connecticut. Founded in 2003 by Richard A. Galvin, Commonwealth Ventures acquired Channel Center in 2007 and has guided the transformation of the property, overseeing the development/re-development of nearly one million square feet since acquisition. Commonwealth Ventures is also in the midst of the re-development of 50 Post Office Square in Boston's Financial District.
AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States, Europe and Asia. Its funds have collectively invested in over 570 transactions with an aggregated value in excess of $65 billion. Headquartered in New York, the firm has offices in Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai. AREA's funds target a broad range of opportunistic, value-added and debt investments in real estate assets and portfolios throughout North America, Europe, and India. For more information, visit the firm's website at www.areapropertypartners.com.
Holliday Fenoglio Fowler, LP ("HFF") and HFF Securities LP ("HFFS") are owned by HFF, Inc. (NYS: HF) . HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.
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