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Building of the Week

Pappas Commerce Center – 643 Summer St Boston, MA

Originator: CIBC

Lender: Morgan Stanley Bank of America Merrill Trust 2014-C17

Loan Balance: $78.9M

Loan Purpose: Refinancing

Interest Rate: 4.65%

Origination Date: 06/09/2014

Property Type: Mixed Use

Total Building Area: 772,464 sq. feet

Purchase Date: 10/10/2013

Significant Tenant: W.B Mason Co., Inc.

Did you know? Though Boston’s Seaport District, as the city’s newest residential district, has made headlines for its record-breaking condo prices and ability to attract corporate entities like GE, one complex remains stubbornly representative of the area’s industrial past. Comprising 8 multistoried buildings constructed between 1965 and 1990 (and last renovated in 2001), The Pappas Commerce Center is almost fully leased and, according to Moody’s Investors Service, looks to be generating positive revenue. With an occupancy rate of 92% and renovations by major tenants including W.B. Mason and HD Supply, the Pappas Center reported a net operating income of $6.4 million in 2014, a bump of $1.7 million from the year before. Though its neighbors are engaged in ongoing renovations in order to court  multifamily and office developers, it appears that this bastion of 20th century Boston will continue to reside on the city’s historic harbor well into the future

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