Top Stories

BOSTON — HFF has secured $345 million in first mortgage and mezzanine financing for Charles River Plaza North, a 354,594-square-foot medical office/research building adjacent to and long-term leased by Massachusetts General Hospital (MGH) in Boston. HFF worked on behalf of the borrowers, The Davis Cos. and Marcus Partners Inc. — developers and owners of the property — to secure a $245 million, fixed-rate loan with UBS and a $100 million mezzanine loan with TIAA-CREF. Loan proceeds will be used to refinance an existing loan HFF arranged for the borrower in 2007. “[HFF is] extremely proud to be involved with such a world-class project that represents Boston’s strong presence in the field of medical research,” says HFF Senior Managing Director Riaz Cassum, who led the debt placement team representing the borrower. Charles River Plaza North is located at 185 Cambridge St. within the larger 630,000-square-foot Charles River Plaza mixed-use development adjacent to the MGH campus in Boston’s Beacon Hill neighborhood. The location is across the Charles River from the Massachusetts Institute of Technology and Harvard University, and an MBTA red line station is located approximately three blocks away. Completed by the current ownership in 2005, Charles River Plaza North is leased …

YOUNTVILLE, CALIF. — Ashford Hospitality Prime Inc. (NYSE: AHP) has closed on the acquisition of the leasehold interest in the Bardessono Hotel and Spa in Yountville, located 60 miles north of San Francisco, for $85 million. Ashford Prime completed the deal through a stock offering, cash, and $2 million in key money. Remington Lodging will manage the luxury property, which includes 62 rooms and suites. The purchase price represents an estimated 12-month capitalization rate of 5.2 percent on net operating income and an estimated forward 12-month EBITDA multiple of 16.5x. On a trailing 12-month basis as of May 31, the Bardessono Hotel and Spa achieved revenue per available room (RevPAR) of $554.01, with 81.9 percent occupancy and an average daily rate of $676.12, according to unaudited financial data provided by the undisclosed sellers. Yountville Investors LLC developed the property on land owned by the Bardessono family, according to The Press Democrat, a local newspaper based in Santa Rosa, Calif. “We are extremely excited to add this trophy asset to our portfolio,” says Monty Bennett, chairman and CEO of Ashford Hospitality Prime. “The award-winning Bardessono Hotel and Spa provides us with a foothold in Napa Valley, one of the strongest and …

BOSTON — Skanska USA has broken ground on a new 17-story office tower located at 121 Seaport Blvd. in Boston’s Seaport district. The New York-based developer and construction firm will invest $281 million of its own capital in the project. The Class A tower will feature two floors of retail space and two below-grade parking levels. Skanska USA is targeting LEED Platinum certification for the project, which will span roughly 400,000 square feet. The office building will be situated across the street from Seaport Square Green, a neighborhood park. Upon completion, tenants of the tower will have direct access to the Massachusetts Bay Transportation Authority (MBTA) Silver Line, a bus rapid transit system. Skanska expects to complete the office building in the first quarter of 2018. Skanska USA Building is the construction manager for the project. The construction firm indicates it will add a value of $150 million in order bookings for the third quarter of 2015. Skanska USA comprises four business units: Skanska USA Building, which specializes in building construction; Skanska USA Civil, specialized in civil infrastructure; Skanska Infrastructure Development North America, which develops public-private partnerships; and Skanska USA Commercial Development, which develops commercial projects in select U.S. markets. …

WILMER, TEXAS — Port Logistics Realty (PLR), a Texas-based real estate company, has begun construction on Phase 1 of Southport Logistics Park, a $500 million industrial project and one of the largest of its kind currently under development in the U.S. The project is a joint venture with Diamond Realty Investments (DRI), a wholly owned subsidiary of Mitsubishi Corp. During the initial development phase, PLR and DRI will invest $22 million for infrastructure including a 2.5 mile interior road system, subsurface utilities, underground electrical distribution and a self-contained water distribution system with an elevated water tower. When complete, the project will span 530 acres and 9 million square feet. “The activity surrounding South Dallas is a testament to both the North Texas region and the South Dallas submarket,” says Rob Huthnance, president of PLR Development. “We are investing in an infrastructure project that is unparalleled in scope and quality and will be a meaningful differentiator within the Inland Port area of South Dallas.” PLR will build five buildings totaling over 3.8 million square feet in Phase 1. The first two buildings, 1.1 million square feet and 400,000 square feet, respectively, are scheduled for completion in the third quarter of 2016. The …

NEW YORK — A joint venture comprised of Fisher Brothers, Steve Witkoff and New Valley LLC has received a $445 million construction loan for 111 Murray Street, a 58-story residential condominium project that is set to break ground in Manhattan’s Tribeca neighborhood this month. The construction loan is from a group that consists of Blackstone Real Estate Debt Strategies, M&T Bank and Deutsche Bank. According to the Wall Street Journal, the total cost of the condo development is $820 million. The project, which is expected to be completed in 2018, will stand nearly 800 feet tall. The flared-glass tower by architecture firm Kohn Pedersen Fox will house 157 residences designed by David Mann and include 20,000 square feet of amenity spaces designed by David Rockwell. Edmund Hollander will design both a private garden for residents and an adjacent 10,000-square-foot landscaped plaza. According to the Wall Street Journal, the development group has already demolished the St. John’s University building previously found on the site. The group purchased the site in 2013 for $223 million. The 157 units range from one-bedrooms to full-floor penthouses. The amenities will include two pools, a steam room, private dining room and the garden featuring a 15-foot …