US real estate investment firm DivcoWest has participated in an MSD Partners-led $1bn (€1.02) refinancing of an office tower owned by Fortis Property.
DivcoWest said it has provided a floating rate, senior mezzanine loan to Fortis Property as part of the refinancing of the 36-storey One Lincoln tower in Boston.
The asset, formerly known as State Street Financial Center, was built in 2003.
The proceeds from the refinancing will be used to retire existing debt as well as to make more than $200m in major capital improvements to the building and tenant suites.
The building has private equity Harbourvest Partners as its new anchor tenant.
DivcoWest, formed in 1993, has acquired, owned and managed more than 59m Sqft of commercial space but it also invests selectively in floating rate debt opportunities in office, life science, R&D, retail, industrial and multifamily asset classes in the US.
To read the latest edition of the latest IPE Real Assets magazine click here.
