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DivcoWest Joins MSD Partners-Led $1B Refinancing of One Lincoln Tower in Boston
DivcoWest has provided a floating rate, senior mezzanine loan to Fortis Property Group as part of the $1-billion refinancing of One Lincoln, a 36-story tower in Boston, MA. The refinancing effort is being led by MSD Partners.
Proceeds from the refinancing will be used by the owner to retire existing debt as well as to make more than $200 million in major capital improvements to the building and tenant suites. Planned additions include an artisanal food market with patio dining and beer garden; wellness deck with rooftop tennis/basketball court, walking trail and al fresco seating; and fitness center with boxing ring and workout equipment.
The financing will also support the borrower’s leasing campaign by providing funds for tenant improvements.
One Lincoln has over one million square feet of Class A commercial office space as well as parking for 900 vehicles. Boston-based Harbourvest Partners has been signed as the building’s new anchor tenant.
Photo courtesy Williams New York
- ◦Financing
