HFF Closes $63M Financing for Boston Office Buildings
- Jan 25, 2017
Boston—HFF recently announced it has closed $63 million in financing on behalf of ASB Real Estate Investments for 320 and 333 Summer St. in Boston, two office buildings totaling roughly 217,000 square feet.
HFF secured the financing through The Hartford Financial Services Group, placing a 10-year, 3.65 percent, fixed-rate loan. The two assets are owned by the $6.3 billion Allegiance Fund, an open-end core investment vehicle, which is a joint venture of ASB and Lincoln Property Co. HFF Senior Managing Director Frederic Wittmann and Director Brett Paulsrud led the team representing the borrower.
Located at the edge of the Seaport District, very close to General Electric’s new headquarters and just across the Fort Point Channel from South Station, the two buildings are situated across the street from one another and offer loft-style office space that is 97 percent leased to LogMeln.
The five-story 333 Summer St. was completed in 1911 and contains up to 117,000 square feet of space. Completely renovated in 2015, the building last traded in February 2016, when Synergy Investments cashed in $74 million, Yardi Matrix data shows. The list of previous owners also includes Goldman Sachs Asset Management and Boston Wharf Co.
The other building, 320 Summer St., encompasses a little under 100,000 square feet. According to Suffolk County Records, the most recent assessment estimates the value of 320 Summer St. at approximately $34.6 million.
Image courtesy of Yardi Matrix