Boston’s Colliers International has secured a $25 million interim bridge loan for Two Oliver Street, an 11-story, 223,445-square-foot Class A office building located in Boston’s Financial District.
Kevin Phelan, Stephen Horan and Ryan Bradley of Colliers International’s Boston office represented the borrower, P6/Saracen Two Oliver Real Estate LLC, a joint venture between Boston-based Saracen Properties LLC and Boston’s AEW Capital Management L.P., according to a statement. Connecticut-based Webster Bank N.A., the main subsidiary of Webster Financial Corp., financed the transaction that closed on April 22.
"With market fundamentals in the Financial District improving, and a client with both local experience and a strong balance sheet, we were able to secure very competitive terms," said Bradley.
The loan will provide additional funding for capital improvements, leasehold improvements and leasing commissions to reposition the property, according to a statement. Proposed capital improvements include upgrades to the HVAC system, elevator cabs, main entrance, increased ceiling heights and the creation of a second office lobby at the opposite side of the building on Batterymarch Street.
"We are pleased to implement a multi-faceted improvement program to bring Two Oliver Street back to prominence," said Travis Powell, principal, Saracen Properties. "Our partnership with AEW recently completed a similar program to reposition One Washington in Boston’s Financial District. Occupancy at One Washington has increased from approximately 60 [percent] to 90 percent."
