AEW Capital lands $180M loan for Hudson Square acquisition
AEW bought 330 Hudson Street for $385M from Ivanhoe Cambridge
Boston-based investment manager AEW Capital landed a $180 million loan for its acquisition of Hudson Square office tower 330 Hudson Street.
The lender for the new mortgage is Massachusetts Mutual Life Insurance Company, which assumed the existing $178 million debt on the property from a consortium of lenders led by American General Life Insurance. The loan package also includes a $1.9 million gap mortgage.
AEW went into contract on the building in late 2017, as The Real Deal first reported. It closed on 330 Hudson last week in a deal that valued the property at $385 million, property records show. The property was previously owned by Canadian pension fund manager Ivanhoe Cambridge and partner Callahan Capital Properties, which put the building on the market with an asking price of around $400 million.
The 16-story office building sits between Charlton and Vandam streets in Hudson Square. British publishing firm Pearson’s North American headquarters occupies 70 percent of the building. Other tenants include TripAdvisor and General Motors.
AEW, which has offices in Boston, Hong Kong, London, Los Angeles, Paris and Singapore, currently manages $33.8 billion in North American assets. Its other New York City holdings include 250 Park Avenue and One New York Plaza.