BOSTON—The Davis Companies recent purchase of the mixed-use property at 88 Black Falcon Ave. in the Seaport District was funded via a $60-million loan from Capital One Financial Corp.
Davis recently closed on the deal for the 376,000-square-foot complex within the Seaport District's Flynn Cruiseport Boston that features two, three-story interconnected buildings. The Boston-based commercial real estate investment, development and management firm reportedly purchased the complex near the Raymond L. Flynn Marine Park from Prologis.
Capital One reports it provided a $60-million leasehold mortgage to Davis to fund the acquisition. Davis is intending to undertake significant improvements to the office and industrial buildings and surrounding Harborwalk. Those improvements will include: upgrades to the building's common areas, bathrooms, elevator lobbies, entrances, and existing restaurant/café, as well as the creation of a brand-new fitness center complete with showers, lockers, and bike rooms for storing and repairing cycling equipment.
“We structured the transaction for 88 Black Falcon Avenue to help The Davis Companies preserve its cash flow and pursue its multi-year improvement plan with minimal disturbance to established tenants,” says Capital One SVP Lisa Greeley “Our goal was to help the company realize its aspirations for this unique property.”
The property, which is currently 94% leased, has a tenant roster that includes 17 office tenants and 18 industrial and water dependent tenants. The property is adjacent to the 1.4 million-square-foot Innovation and Design Building, home of the Boston Design Center, which was previously owned and renovated by TDC.
The Davis Cos. made headlines along with its partners at New Boston Hospitality and Omni Resorts and Hotels last month in being selected by Massport to build a new 800,000-square-foot hotel complex on a two-acre parcel in the city's waterfront district.
The proposed hotel is expected to open in early 2021. The hotel, which will help the city's growing convention and business meeting sector will feature a 8,500-square-foot spa and fitness center, an event terrace, elevated pool deck, a restaurant, casual dining, a bar, and 40,000 square feet of retail space. The complex will also include 120,000 square feet of meeting and event space, including what will be Boston's largest ballroom at 25,000 square feet.
BOSTON—The Davis Companies recent purchase of the mixed-use property at 88 Black Falcon Ave. in the Seaport District was funded via a $60-million loan from
Davis recently closed on the deal for the 376,000-square-foot complex within the Seaport District's Flynn Cruiseport Boston that features two, three-story interconnected buildings. The Boston-based commercial real estate investment, development and management firm reportedly purchased the complex near the Raymond L. Flynn Marine Park from
“We structured the transaction for 88 Black Falcon Avenue to help The Davis Companies preserve its cash flow and pursue its multi-year improvement plan with minimal disturbance to established tenants,” says
The property, which is currently 94% leased, has a tenant roster that includes 17 office tenants and 18 industrial and water dependent tenants. The property is adjacent to the 1.4 million-square-foot Innovation and Design Building, home of the Boston Design Center, which was previously owned and renovated by TDC.
The Davis Cos. made headlines along with its partners at New Boston Hospitality and Omni Resorts and Hotels last month in being selected by Massport to build a new 800,000-square-foot hotel complex on a two-acre parcel in the city's waterfront district.
The proposed hotel is expected to open in early 2021. The hotel, which will help the city's growing convention and business meeting sector will feature a 8,500-square-foot spa and fitness center, an event terrace, elevated pool deck, a restaurant, casual dining, a bar, and 40,000 square feet of retail space. The complex will also include 120,000 square feet of meeting and event space, including what will be Boston's largest ballroom at 25,000 square feet.
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