BXP, Delaware North Secure $465M Loan For Tower Next To TD Garden: The Boston Deal Sheet
BXP and Delaware North landed a major refinancing deal for The Hub on Causeway, the mixed-use tower that sits next to TD Garden and atop North Station.
The office REIT and the hospitality group secured a $465M loan for a section of the 1.5M SF complex from Wells Fargo, Bank of America and Morgan Stanley, according to a Fitch Ratings report.
The loan is a 5.5-year, fixed-rate commercial mortgage note, Commercial Property Executive reported. The transaction is scheduled to close on Oct. 17.
The loan is backed by a seven-story retail building and a 31-story office tower at 100 Causeway. The buildings cover roughly 210K SF of retail and 842K SF of office. The property is also home to a 440-unit residential building and a citizenM hotel.
On top of the refinancing loan, the joint venture added $35M in cash equity.
The office tower is home to 18 tenants, including Verizon, Verily, Rapid7, Star Market, the Boston Celtics and Activision Blizzard.
The Hub on Causeway broke ground in 2016, transforming an underutilized parking lot near the sports arena into a new mixed-use center. The project opened its first two phases three years later in 2019.
SALES
Equity Industrial Partners acquired a 59K SF property at 4 Carleton Drive in Georgetown for $7.7M from Cambridgeport Air Systems as part of a sale-leaseback agreement, according to public records. EIP secured a $5.4M loan to acquire the property.
JLL's Michael Restivo, David Coffman, Tommy Hovey, Anthony Cutone and Ryan Parker brokered the deal and secured the financing for EIP.
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An unnamed buyer acquired a retail property at 305 Cochituate Road in Framingham for $32.6M from an entity linked to M & J Wilkow, according to public records.
The property, leased to Lowe's, is part of a retail quadrant that includes Stop & Shop, Target and BJ's Wholesale Club.
Atlantic Capital Partners' Justin Smith, Chris Peterson, Sam Koonce, Danielle Turpin and Matt Ericson represented the seller and procured the buyer.
FINANCING
Pivotal Manufacturing Partners and Declaration Partners acquired a 165K SF property at 117 Hospital Road in Devens for $74M from King Street Properties. The buyers secured $53M in acquisition financing from Goldman Sachs. The facility acts as fusion energy company Commonwealth Fusion Systems' headquarters.
Cushman & Wakefield's John Alascio, Alan Blank, Alex Lapidus Okin, Rob Borden and Heather Brown represented the borrowers in the transaction.
PERSONNEL
National Development appointed Maura Moffatt as senior vice president and director of asset management. In her new role, Moffatt will be responsible for the firm's real estate portfolio and will strengthen relationships with operating and institutional partners.
Moffatt previously worked as a commercial real estate lawyer at Goodwin Procter, chief operating officer at Synergy and most recently as chief operating officer at Cottonwood Group, according to her LinkedIn page.
CONSTRUCTION & DEVELOPMENT
Hines celebrated the opening of South Station Tower on Thursday alongside city officials, other commercial real estate executives and the public. The 678-foot-tall, mixed-use building is built on top of South Station — one of the city's busiest transportation hubs — and includes 680K SF of office space and 166 luxury condos.
The developer has signed three office leases so far: a 41K SF deal with Jones Day, 50K SF with FM Global and an 11K SF lease with hedge fund manager Citadel.
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Connecticut-based Clearview Investment Management filed plans to convert a vacant Swampscott elementary school into a boutique hotel, the Boston Business Journal reported. The hotel at 24 Reddington St. would range from 56 to 59 rooms and include amenities such as a rooftop deck and a ballroom.
The company plans to sign a 99-year lease with the town and build the hotel as part of its Delmar brand.
