BOSTON—A venture of affiliates of Ares Management LLC and CV Properties LLC has secured $240 million in permanent financing for the newly built One Channel Center office building and Channel Center Garage here.
The deal was announced by HFF, which represented the borrower in the transaction. The financing was structured as a $190-million first mortgage, and a $50-million mezzanine loan. HFF also arranged the $170-million construction loan for the property in 2012. Managing Director Anthony Cutone and Senior Real Estate Analyst Brett Paulsrud led the HFF debt placement team in the deal.
The One Channel Center building in the city's Seaport District totals 501,650 square feet, while the garage features 967 spaces. Designed by the architectural firm of Add Inc. in collaboration with Spalding Tougias Architects, the property was built with “creative space” in mind, incorporating “cutting edge design” and space planning to optimize collaboration, efficiency and productivity, HFF officials stated.
Completed in June 2014, the 11-story office building is leased in its entirety to State Street Corp. One Channel Center and the Channel Center Garage are located within the larger Channel Center master-plan area, a 2.1 million-square-foot mixed-use neighborhood combining first class office, luxury residential, and street front retail and restaurants that are anchored by a series of landscaped parks, including the 1.7-acre Channel Center Park.
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