BOSTON-The new owners of a 156,000-sf, 17-story office building in Boston's Financial District, have received a $32.5 million loan. The money will be used to complete the acquisition and to reposition the asset.
Locally based AEW Capital Management and joint venture partner Saracen Properties of Waltham, acquired the One Washington Mall property in October from Intercontinental Real Estate Corp. for $33.5 million. The property, located adjacent to City Hall near the corner of State and Congress streets, was 66% occupied at the time of acquisition.
Frank Petz, managing director of CBRE/Melody's Boston office, which arranged the financing package, says the second round of funding will help the new owners make physical enhancements to the building, including lobby renovations and other infrastructure upgrades. The $32.5 million financing package, which followed an earlier $8 million in acquisition funding, also arranged by CBRE/Melody's, was provided by Capmark Finance Inc.
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