New York Life Real Estate Investors and Northwestern Mutual have provided a $500m loan to The Chiofaro Company to refinance International Place, Boston Massachusetts’ largest office complex.
The fixed-rate loan is held against the 1.8m sq ft office complex multi-tenant office and retail center, located in Bean Town’s Financial District and composed of two towers, one reaching 35 stories and the other 46.
It opened in 1987 and today is home to 7,000 employees working for a tenant roster that includes Citigroup, UBS Securities, Wells Fargo, PayPal, Eaton Vance, Proskauer, Greenberg Traurig and Choate Hall & Stewart.
The Chiofaro Company is one of New England’s largest developers and operators of commercial properties.
New York Life Real Estate Investors has more than $37bn in assets under management and originated over $5bn in commercial mortgage loans, mezzanine and structured real estate debt last year. Northwestern Mutual is made up of Milwaukee, Wisconsin-based Northwestern Mutual Life Insurance Company and its subsidiaries.