HSBC Bank has provided a $55m first mortgage loan to Synergy Investments to refinance 185 Dartmouth Street, a repositioned 164,600 sq ft boutique office and retail building in Boston’s Back Bay neighborhood.
Synergy bought the gutted, 78-year-old building for a reported $40m in May of 2012 and has restored eight floors of office space on floors four through 11. The property also houses a 40,000 sq ft health club, more than 12,000 sq ft of ground floor retail and 45 parking spaces.
“HSBC Bank provided a flexible financing alternative for this transaction, with pricing reductions over time as the project achieves various milestones on its way to stabilization,” said HFF’s Greg LaBine, who arranged the financing with Patrick McAneny, in a written statement. “Synergy’s track record of success, the high quality rehabilitation of the property that Synergy has recently completed and the tremendous location of the asset made this an attractive opportunity for HSBC.”
Tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos. Synergy is one of the largest and most active landlords in the city, with a 3.5m sq ft portfolio.