HFF announced today that it has arranged $296 million in financing for a 10-property, Class A office portfolio totaling 1.6 million square feet in San Francisco, Washington, D.C., Charlotte, Houston and Boston.
HFF worked on behalf of Clarion Partners to secure the portfolio loan through Bank of America. The loan provided a combination of acquisition financing, forward financing and refinancing for a term of seven years, with a combination of fixed and floating-rate tranches providing optimum flexibility across a geographically diverse pool of core-quality office assets.
The properties in the portfolio are: 600 California Street in San Francisco; Morrocroft Centre in Charlotte; Westchase Park in Houston; 1111 19 th Street in Washington, D.C.; and the most recent addition to the portfolio, the Fort Point office portfolio in Boston’s Seaport District. The Fort Point portfolio is comprised of: 33-41 Farnsworth Street, 34 Farnsworth Street, 44 Farnsworth Street, 332 Congress Street, 374 Congress Street and 263 Summer Street.
The HFF team representing Clarion Partners was led by senior managing director Bruce Ganong with regional support from senior managing directors Riaz Cassum and Sue Carras, and associate director Chris Gandy.“The Bank of America team provided a creative structure and flexible terms that enabled Clarion Partners to match interest rate contracts with individual asset strategies. A customized financing structure with the additional flexibility of asset substitutions resulting in a win-win solution for both borrower and lender,” said Ganong. Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With more than $25 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.