Historic Buildings On Boston’s Long Wharf Land $34M Refinancing After Renovation
A pair of office and retail properties on Boston's Long Wharf, one of which dates back to before the Revolutionary War, has obtained new debt after undergoing a renovation.
Capital Properties, the owner of the Custom House Block and Gardiner Building at Long Wharf, secured a $34.3M refinancing loan, broker Colliers tells Bisnow. The financing was provided by Grant Street Funding.
The Custom House Block was built in 1848 and the Gardiner House in 1760.
The Gardiner House was once home to John Hancock's Counting House and served as storage for cargo. Now, the building is home to Chart House, a seafood restaurant. The Custom Block House was leased to the federal government after completion and then was used as an apartment complex and a commercial office building.
Capital Properties acquired the two buildings at 60-66 Long Wharf from ELV Associates in 2015 for $34M.
A year later, Capital Properties embarked on a renovation project to make the building attractive to tech tenants. The landlord's gut renovation created an open floor plan and modernized the buildings while keeping their historic charm.
The properties are now 94% leased, with tenants including The Chart House, Project Worldwide, VMS Software and Guggenheim.
Colliers' Patrick Boyle and Kevin Phelan led the team that negotiated the refinancing loan on behalf of Capital Properties.
"Despite headlines in the debt market, we are seeing a positive shift in lender reception for financing well-positioned office assets," Boyle said in a statement. "Life companies, banks, and other lenders are showing a renewed interest in high-quality, well-located office assets."
