Boston—Cornerstone Realty Capital arranged $8.5 million in financing for the refinance of a mid-rise office building in Boston across the street from South Station.
The brick building contains approximately 36,500 SF of rentable area situated on a 6,000 SF site. Offices range in size from 1,000 SF to 4,700 SF. Tenants include a handful of technology based companies, a world leader in e-commerce platforms, and an art design firm. The building was built in 1899 and completely renovated in 2013.
The property is located in downtown Boston, 0.2 miles away from Boston’s busiest transit hub, South Station. Serving thousands of commuters, travelers, shoppers, and diners daily, the proximity to South Station is a luxury for a business and its’s employees. Amtrak, MBTA rapid transit, and MBTA commuter rail all serve the station daily.
The MBTA’s Red Line stops at South Station connecting travelers to the Orange, Green, Blue, and Silver Lines. Amtrak connects South Station to major cities around the country including New York City and Washington, DC. Adjacent from the train terminal is South Station Bus Terminal which offers commuters a different transportation option. Interstate 90, The Mass Pike, and 93 present commuting options for those who do not wish to take public transportation into the city and would rather drive. Businesses can employ the strongest candidates for every position with South Station as an amenity.
Patrick Brady, Vice President at Cornerstone, said “The close proximity to South Station makes this a very desirable asset for businesses and in turn, the talent they’re looking to hire. Coupled with 100% historical occupancy, and a strong operator with a wealth of knowledge and experience managing in the neighborhood, lenders were willing to get very aggressive on terms.”
Cornerstone was able to deliver a non-recourse, low fixed rate financing structure with an interest only period followed by a thirty year amortization.