BOSTON, MA – HFF announced today that it has arranged a $95 million refinancing for 116 Huntington Avenue (top left photo), a 264,000-square-foot, Class A office building in Boston’s Back Bay.
HFF worked on behalf of the property’s owner, Broadway Real Estate Fund III, L.P., to secure the adjustable-rate loan through RBC Real Estate Capital Partners, a unit of RBC Capital Markets. The loan proceeds were used to refinance the maturing first mortgage and mezzanine loans.
Completed in 1991, 116 Huntington Avenue is located between the Copley Place Marriott and the Colonnade Hotel, directly across from the Prudential Center. The 15-story property features a 120-space parking garage and ground floor retail, and is currently 99 percent leased to tenants including GE Healthcare, American Tower, Constellation New Energy and Brigham & Women’s Hospital.
The HFF team representing Broadway Real Estate Fund III, L.P. was led by senior managing director Riaz Cassum and director Porter Terry.
“In addition to replacing the existing financing, the new loan provides Broadway with additional funds that can be drawn as they execute their business plan,” said HFF senior managing director Riaz Cassum. “116 Huntington’s Back Bay location made it desirable to numerous lenders, but ultimately RBC Capital Markets provided the best solution for Broadway.”
Broadway Partners is a private real estate investment and management firm headquartered in New York. The firm invests in high quality real estate in select markets nationwide. Since 2000, Broadway Partners has acquired assets with a transaction value in excess of $15 billion, and currently owns interests in office assets with over six million square feet located in Boston, New York, San Francisco and Los Angeles.
Contacts:
RIAZ A. CASSUM
HFF Senior Managing Director
617) 338-0990
MYRA F. MOREN
HFF Director, Marketing
(713) 852-3500
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