One Channel Center Gets $170M Construction Loan

HFF announced that it had arranged a $170 million construction loan for One Channel Center in Boston, a new development by AREA Property Partners and Commonwealth Ventures in Boston's Seaport District. The HFF team led by managing director Anthony Cutone and director Porter Terry worked on behalf of AREA and Commonwealth to secure the construction loan according to a Boston Herald article.

"One Channel Center is an exciting and appropriate culmination of its investors' vision and dedication to establishing Channel Center as a vibrant commercial and residential neighborhood," said Cutone. "Combining top-notch sponsorship, a central urban location and premier tenancy, the project epitomizes successful urban development."

The property will feature an 11-story, 500,000 square foot Class A office building leased in its entirety to State Street Corporation, and an adjacent 960-space parking garage. One Channel Center will also include two new open space areas: the New Park and Iron Street Park. The New park will be approximately 72,000 square feet and will include a multi-use turf grass lawn area and an area for more passive recreational uses. Iron Street park will be approximately 9,000 square feet. The project broke ground this past summer and is slated for delivery in early 2014.

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