Colliers Arranges $133M in Financing for 500,000 SF Office/Retail Building in Boston

BOSTON — Colliers International has arranged $133 million in financing for Park Square Building, an 11-story office and retail building located at 31 St. James Ave. in Boston’s Back Bay neighborhood. Capital Properties took on the loan to replace existing debt and provide capital expenditures for the 500,000-square-foot building including improvements to the lobby and common areas, tenant improvements and leasing commissions. Aareal Capital Corp. provided the three-year loan, which features an interest-only floating rate and two options to extend for one year each. At the time of closing, the asset was 96 percent occupied by a diverse tenant roster, including WeWork, Fiksu, Yahoo, Goji, HNTB and six foreign embassies. Kevin Phelan, Stephen Horan and Patrick Boyle of Colliers represented the borrower in the financing deal.