Multifamily Finance — Recent Closings

Capital One Closes $60 Million Loan for Acquisition of Historic Boston Seaport District Property

May 4, 2017 New York, NY — Capital One announces today that it has provided a $60 million leasehold mortgage to The Davis Companies (TDC), allowing it to acquire 88 Black Falcon Avenue, two, three-story interconnected buildings totaling 376,000-square-feet within the Seaport District’s Flynn Cruiseport Boston, near the Raymond L. Flynn Marine Park. TDC plans to make substantial improvements to the office and industrial building and surrounding Harborwalk to add vitality to the dynamic growth occurring in this area of the Seaport. Planned improvements include upgrades to the building’s common areas, bathrooms, elevator lobbies, entrances, and existing restaurant/café, as well as the creation of a brand-new fitness center complete with showers, lockers, and bike rooms for storing and repairing cycling equipment.

Lisa Greeley, a Senior Vice President in Capital One’s Boston office originated the transaction.

“We structured the transaction for 88 Black Falcon Avenue to help The Davis Companies preserve its cash flow and pursue its multi-year improvement plan with minimal disturbance to established tenants,” Greeley said. “Our goal was to help the company realize its aspirations for this unique property.”

The property is currently 94 percent leased, with 17 office tenants and 18 industrial and water dependent tenants. It’s adjacent to the 1.4 million-square-foot Innovation and Design Building, home of the Boston Design Center, which was previously owned and renovated by TDC.

TDC is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. Directly, and with its valued partners, the company currently owns a real estate portfolio of approximately 12 million square-feet across the Eastern United States.

With billions of dollars of public and private investments in recent years, and more than six million square-feet of under-construction and board-approved development, Boston’s Seaport District is undergoing a significant transformation from its industrial and maritime roots into a vibrant, mixed-use neighborhood with apartments, office space, restaurants, hotels, and a convention center. Projects such as Seaport Square, a five-million-square-foot project with residential, office, retail, and hotel properties, have brought more than 9,000 jobs to the area in recent years.

Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at www.capitalone.com/cre


WHAT THEY SAY ABOUT US

“The Capital One CRE team consistently demonstrates expertise and passion—that commitment translates into creativity, responsiveness, and optimizing the timing and structure of each transaction.”

Michelle Lord, Vice President of Capital Markets, Fairfield Residential Company LLC

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Capital One Multifamily Finance is distinguished by its ability to structure multifamily mortgages customized to the precise needs of its clients. We are a Fannie Mae DUS® lender, a Freddie Mac lender, and a FHA HUD lender. Plus, we offer balance sheet financing backed by the full strength of Capital One Commercial Banking. You can count on our team of multifamily mortgage makers to deliver apartment financing smoothly, quickly, and with certainty.