Seaport Square Boston Receives $112 Million Refinancing From HFF

seaport square boston master plan

Courtesy of Boston Global Investors.

Yesterday, HFF announced a refinancing of $122 million for the planned Boston Seaport Square.

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.

View Larger Map

Boston’s Seaport District is the site of this large-scale venture which is planned to be a 6.3 million square foot new urban neighborhood on 23 acres. According to Boston Global Investors (BGI), Seaport Square will have:

  • Residences
2.6 million SF
  • Offices
1.3 million SF
  • Retail
1.3 million SF
  • Hotels
850,000 SF
  • Cultural/Civic
250,000 SF
  • Open Space
37% open space and 25% green space
Gold Target

Boston’s Seaport District is probably one of the largest plots of undeveloped land in Boston. Earlier this year, Skanska USA Commercial Development acquired Parcel L1 in the Seaport District for $22 million and last month (September 2013) they started work on Seaport Square’s first office tower that will cost $126 million.

“The tower is located at the southeast corner of Seaport Boulevard and Boston Wharf Road in Boston’s Innovation District,” says their press release. 75% of the tower will house the offices of PricewaterhouseCoopers who plan to relocate approximately 3000 employees from the Financial District.

For many, this new development is a welcome addition to the Boston real estate market. Considering the increasing problems in finding suitable homes and apartments in Boston, many property managers are seen scrambling to secure the first home that becomes available in the market. This discrepancy between supply and demand has led many to turn to other MA suburbs for want of better options.

“Our goal is to create a true shopping district,” said Michael McNaughton, senior vice president of WS Development, Seaport Square’s retail developer. “With all of the new office space and … residential and hotel amenities being brought to the area, there are basic retail goods and services that are not currently available. Our goal is to deliver a full spectrum of retail — from dining and fashion (to) general necessities.”  - Boston Herald

This entry was posted in Boston and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>