SAN FRANCISCO — HFF has arranged a $296 million refinancing loan for a 10-property, Class A office portfolio in the San Francisco, Washington D.C., Charlotte, Houston and Boston areas.
HFF worked on behalf of Clarion Partners to secure the seven-year loan, which includes a combination of fixed- and floating-rate tranches, through Bank of America. The transaction was a balance-sheet loan.
The properties in the portfolio total 1.6 million square feet and include: 600 California Street in San Francisco; Morrocroft Centre in Charlotte; Westchase Park in Houston; 1111 19th Street in Washington, D.C; and the most recent addition to the portfolio, the Fort Point office portfolio in Boston’s Seaport District. The Fort Point portfolio is comprised of 33-41 Farnsworth Street, 34 Farnsworth Street, 44 Farnsworth Street, 332 Congress Street, 374 Congress Street and 263 Summer Street.
Leading the HFF team representing Clarion Partners were Senior Managing Director Bruce Ganong, with regional support from Senior Managing Directors Riaz Cassum and Sue Carras and Associate Director Chris Gandy.
“The Bank of America team provided a creative structure and flexible terms that enabled Clarion Partners to match interest rate contracts with individual asset strategies,” says Ganong. “A customized financing structure with the additional flexibility of asset substitutions resulted in a win-win solution for both borrower and lender.”
New York based Clarion Partners is a U.S. real estate investment manager with more than $25 billion in total assets under management. The company has more than 200 domestic and international institutional investors.
— Rachel Goff