Boston, MA Cornerstone Realty Capital arranged $8.5 million in financing for the refinance of a mid-rise office building at 186 South St. across from South Station. The brick building contains 36,500 s/f of rentable area situated on a 6,000 s/f site. Offices range in size from 1,000 s/f to 4,700 s/f. Tenants include technology based companies, a world leader in e-commerce platforms, and an art design firm. The building was built in 1899 and completely renovated in 2013.
Cornerstone was able to deliver a non-recourse, low fixed rate financing structure with an interest only period followed by a thirty year amortization.
The property is located in downtown, 0.2 miles away from South Station. Serving thousands of commuters, travelers, shoppers, and diners daily, the proximity to South Station is a luxury for a business and its employees. Amtrak, MBTA rapid transit, and MBTA commuter rail all serve the station daily. I-90, The Mass Pike, and 93 present commuting options for those who do not wish to take public transportation into the city and would rather drive. Businesses can employ the strongest candidates for every position with South Station as an amenity.
Patrick Brady, vice president at Cornerstone, said, “The close proximity to South Station makes this a very desirable asset for businesses and in turn, the talent they’re looking to hire. Coupled with 100% historical occupancy, and a strong operator with a wealth of knowledge and experience managing in the neighborhood, lenders were willing to get very aggressive on terms.”