May
09
Colliers Arranges $133M Refi for Historic Boston Office Building
ByThe funds for the 11-story Park Square Building in Back Bay were secured through Aareal Capital on behalf of Capital Properties.
Park Square Building, 31 St. James Ave., Boston
Boston—Colliers Boston recently closed the $133 million financing of Park Square Building in Boston with Aareal Capital on behalf of Capital Properties. The funds were secured by Colliers Co-Chairman Kevin Phelan, assisted by Senior Vice President Stephen Horan and Patrick Boyle of the Capital Markets team.
The total amount will cover the replacement of existing debt, as well as improvements to the lobby, common areas, and revamping of other interior office spaces. Aareal provided a three-year interest-only floating rate loan, which includes two options for one-year extensions each. “Aareal was creative in their financing approach and provided the sponsor with the flexibility to improve and re-tenant the building,” said Boyle in prepared remarks…
Colliers Arranges $133M Refi for Historic Boston Office Building
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