Daily News: May 6, 2014

Capital One Provides $45MM Term Loan to Shorenstein Fund

Capital One Bank announced it provided a $45 million, three-year term loan to Shorenstein Realty Investors Eight, a $1.1 billion fund sponsored by Shorenstein Properties.

The loan will be used to refinance the existing debt on 399 Boylston Street, an office building in Boston. Shorenstein Properties is one of the country’s oldest real estate organizations active nationally in the ownership and operation of high-quality office properties.

The 399 Boylston Street property consists of a 13-story office tower with approximately 230,000 square feet of rentable space, including 12,000 feet of retail space. Located in Boston’s historic Back Bay neighborhood, the building is just one block from the upscale retail district of Newbury Street, and also offers easy access to mass transit.

“Shorenstein Properties is a valued client of Capital One Bank, and we are pleased to help them refinance this premier property,” said Ben Stacks, Greater New York market manager, Capital One Bank Commercial Real Estate. “We look forward to supporting their future financing needs.”

Capital One Bank’s Commercial Real Estate Group provides financing in markets including New York, New Jersey, Massachusetts, Pennsylvania, the District of Columbia, Virginia, Maryland, Texas and Louisiana. The group offers solutions for property owners and developers, including commercial lending, financing, underwriting, and treasury management.