BOSTON – Colliers International Boston’s Capital Markets team announced that it arranged a $38 million financing for the 98% leased, 294,000-square-foot Financial District duo located at 155 Federal Street and 10 High Street.
These first-class office buildings feature ground floor retail and over 60 tenants, and are privately owned and managed by Farley White Interests, a Boston-based company that maintains a portfolio exceeding four million square feet of office space in the New England and Florida markets.
With local hands-on management and a highly desirable and amenitized location, just steps from Boston’s most heavily trafficked commuter hub, South Station, Farley White has been able to consistently outperform market occupancies and rental rates at these buildings.
Though made up of two addresses, 155 Federal and 10 High are linked via interior lobbies at all levels and accommodate such tenants as Serafina Boston, Viking River Cruises HQ, Konica Minolta, and New England College of Business, to name a few.
The Colliers team of senior vice president John Broderick and senior vice president Stephen Horan arranged the financing on behalf of Farley White Interests. Lender, Nationwide Life, provided the low leverage, long term fixed rate financing on an interest-only basis, allowing Farley White to refinance its existing debt while interest rates remain competitively low. Colliers Boston acts as a correspondent to Nationwide Life and will service the loan until maturity.
“Nationwide Life was responsive to the ownership’s expectations and provided flexibility and a competitive structure that took advantage of an early rate lock in a rising interest rate market,” commented John Power, principal with Farley White Interests. “Farley White never would have been able to achieve and exceed its 15-year growth projections without the continuous and focused support of John and Steve at Colliers.”