JPMorgan arranges $240m in loans for Boston office building

JPMorgan Chase Bank has provided a five-year, $190m loan on CV Properties’ new One Channel Center office building in South Boston. The bank placed an additional $50m mezzanine loan through global investment management company BlackRock. One Channel Center (Credit: David Ryan, The Boston Globe). One Channel Center (Credit: David Ryan, The Boston Globe). The debt replaces $170m of construction financing that the lenders provided two years ago and allows for a recapture of equity. The 500,000-square-foot, 12-storey office building and an adjoining 970-car garage is fully-leased to financial services giant State Street, which opened the new building last month. Completed last year, it can house more than 3,500 employees. One Channel Center is part of the broader Channel Center project, a 2m-square-foot mixed-use development with office, residential and retail, and plans for at least two open space parks. CV Properties bought an undeveloped portion of Channel Center from Beacon Capital Partners LLC in 2007 for a reported $21.5 million, overseeing the development and redevelopment of about 1m square feet with the backing of capital partner AREA Property Partners, which was later acquired by Ares Management. CV Properties and JP Morgan Chase Bank declined to comment.