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Wednesday, 09 December 2015

Safra Lends $130Mln Against Boston's Faneuil Hall Marketplace

Safra National Bank of New York has provided $130 million of financing against Boston's Faneuil Hall Marketplace. The financing, which includes a $55 million subordinate loan, was used to retire an $81.2 million CMBS loan that wasn't coming due for another 10 months.

Commercial Real Estate Direct Staff Report

Safra National Bank of New York has provided $130 million of financing against Boston's Faneuil Hall Marketplace.

The financing, comprised of a $75 million senior note and a $55 million subordinate note, has a 55 percent loan-to-value ratio. That pegs the value of the 371,630-square-foot property, which is comprised largely of retail space but includes a smattering of office tenants, at $236 million.

As part of its loan agreement, the property's owner, Ashkenazy Acquisition Corp. of New York, funded a $20 million reserve account to cover tenant improvement costs and capital expenditures. HFF arranged the latest financing for Ashkenazy.

The financing replaced an $81.2 million CMBS loan that was securitized through Banc of America Commercial Mortgage Inc., 2006-2, and paid a coupon of 5.57 percent.

Ashkenazy had acquired the property in 2011 from General Growth Properties Inc. for $140 million. It consists of three buildings near the Government Center and the Rose Fitzgerald Kennedy Greenway.

As part of its purchase,...


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