BOSTON—Capital One Bank has provided a $45-million, three-year term loan to Shorenstein Realty Investors Eight, LP, a $1.1-billion fund sponsored by Shorenstein Properties LLC, to refinance existing debt on its 399 Boylston St. office building.
The 13-story office tower at 399 Boylston St. features approximately 230,000 square feet of rentable space, including 12,000 feet of retail space. Located in Boston’s historic Back Bay section, the building is located one block from the upscale retail district of Newbury Street.
“Shorenstein Properties is a valued client of Capital One Bank, and we are pleased to help them refinance this premier property,” says Ben Stacks, Greater New York Market Manager, Capital One Bank Commercial Real Estate. “We look forward to supporting their future financing needs.”
Shorenstein Properties is headquartered in San Francisco and also has offices in New York City. In January of this year, Shorenstein acquired Center Plaza, a transit-oriented mixed-use property totalling 717,128 square feet in Boston.
Capital One Bank’s parent is Mclean, VA-based Capital One Financial Corp., had $204.5 billion in deposits and $297 billion in total assets as of Dec. 31, 2013. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia.