GE Capital Corp. Helps Capital Properties Refinance 360 Newbury St.

BOSTON-GE Capital Corp. has provided $32 million to refinance 360 Newbury St. in the city’s Back Bay District. The three-year, adjustable rate loan was secured on behalf of the building’s owners, New York-based Capital Properties.

Anchored by a Tower Records on the lower three floors, the 80-year-old structure was designed by renowned architect Frank O. Geary and renovated in 1987. Along with five floors of office space that have several below-market leases ready to roll over, the 128,000-sf property also was bolstered recently by Virgin Entertainments renewing the Tower Records lease for 20 years. It had been set to expire next year.

Capital Properties founder Richard Cohen cited a “great track record” with GE Capital in deciding to place the loan through the company. GE Capital spokesman Michael Gardner acknowledged that there was plenty of competition for the note. Among the reasons given was the security of the Tower lease, Capital Properties’ reputation, and the building’s location in one of the city’s hottest retail markets.

Capital has been an active player in Greater Boston for years, as exemplified this summer when the firm paid $68 million for 215 First St. in Cambridge, a 300,000-sf office building near Kendall Square.