Sunday, September 23, 2012

HFF arranges $170 million construction loan for One Channel Center in Boston




BOSTON, MA – HFF announced it has arranged a $170 million construction loan for One Channel Center (top left photo), 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 (middle right photo) 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.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

.

No comments:

Post a Comment