The 10-year, fixed rate, permanent financing loans, believed to be for approximately the same value, were arranged by Riaz A. Cassum, senior managing director, and Anthony Cutone, senior real estate analyst, of Holliday Fenoglio Fowler. "These are both very high-end properties of their respective product types that have proven to be successful," Cassum tells GlobeSt.com. "They both solicited tremendous interest from the lending community, and we received multiple proposals from investors wanting to lend on these properties."

The financing for the Colonnade represents a brand new construction loan through the New York State Teacher's Retirement System. Located at 118 Huntington Ave. in the Back Bay, the residences were completed in 2003 and are connected to the Colonnade Hotel. Apartments at the building average more than 1,400 sf each, and range from studios to three-bedroom penthouse suites, commanding an average rent of $6,000 per month. Amenities include a doorman, room and maid service and covered parking for 125 cars.

The loan for Heritage on the Garden was a restructure of the existing agreement through the Teachers Insurance & Annuity Association. "TIAA was the original lender and we had about two years left on the agreement," says Cassum. "We did a new loan with a structured pay penalty and came up with this."

Heritage is located at the corner of Boylston and Arlington Streets in the Back Bay and was completed in 1987. The property is comprised of 125,000-sf of class A office space and 50,000-sf of street level retail. The office component houses the corporate headquarters of McKinsey and Co., while the retail portion is home to restaurants and luxury boutiques including Via Matta, Hermes, Sonya Rykiel and the Exhale full-service spa.