The Boston office of Holliday Fenoglio Fowler, L.P. (HFF) has arranged an $11.6 million refinancing for CityPlace, the 54,878-square-foot retail component of the Massachusetts State Transportation Building in Boston’s Theatre District.
HFF senior managing director Fred Wittmann and senior real estate analyst Robyn King placed the 7-year, fixed-rate loan with Ocean Bank, a division of People’s United Bank, working on behalf of the borrower, Boylston Properties Co. Inc.
Loan proceeds will go toward refinancing existing debt on the property and funding capital improvements to the property. HFF also arranged refinancing for Wilton Town Center in Wilton, Conn., on behalf of Boylston, in December.
CityPlace is 95 percent leased to tenants including Emerson College, Rock Bottom Brewery, P.F. Chang’s China Bistro and Vapiano.
"Ocean Bank and Boylston Properties Co. Inc. were able to work quickly and efficiently together to close this transaction approximately five weeks after the issuance of Ocean Bank’s preliminary term sheet, allowing the borrower to lock in an attractive, long-term interest rate," said Wittmann.
