The Seaport Square development was granted $112 million in refinancing, the BBJ reports.
HFF brokered the deal between the South Boston development and Starwood Property Trust, Boston Globe Investors and Morgan Stanley Real Estate Investing.
Fifteen lots of parking lot space — already approved by the BRA — will have 6.3 million square feet of offices, residences, schools, open space, hotel and restaurants , the BBJ reports.
The deal was agreed upon just before the government shut down. While a shut down “may be Wall Street’s biggest fear,” an AP article states that this might not be entirely bad.
“A shutdown may even offer a buying opportunity,” the AP continues.
While stocks have fallen six of the last seven days, the AP notes that during the 1995 and 1996 government shut downs, the stock market rose.
“Investors should consider the improving outlook for the global economy instead of worrying about Washing,” the AP reports, contending that this isn’t the same market as 2011 and the U.S. recovery is advancing.
Two weeks ago, Mayor Tom Menino and Skanska executives broke ground on the first development in Seaport Square — a PricewaterhouseCoopers headquarters, purchased for $33 million. The land was purchased from Morgan Stanley and Boston Globe Investors, the BBJ reports.
Skanska bought an adjacent property for 18.6 million in the Watermark Seaport. That will be developed into an apartment complex.
The BBJ reports that another deal is in the works for a third property.
Image from bostonreb.com