Quartet Markets Deal For Boston Properties

  • 25 Mar 2001
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Bank Of New York, Bank of America, Commerzbank and HypoVereins Bank are looking for banks to round out the syndicate on a $500 million construction loan to Boston Properties. The 42-month loan funds the construction of the Boston real estate investment trust's second office tower in Times Square, a $640 million project.

The credit is priced at LIBOR plus 195 basis points, with up-front fees likely to fall between 45-75 basis points. Officials at B of A, Commerz and HypoVereins declined to comment while officials at BoNY and Doug Linde, cfo at the REIT, did not return calls.

The bank meeting will be held this afternoon in New York. All of the lenders have underwritten $125 million of the loan and the lead banks are aiming to hold between 50-75 million. "So we need a decent size bank meeting," one banker said, adding that it expects about 20 institutions to attend.

BNY and Commerzbank provided the $420 million construction loan on the REIT's first Times Square Tower. B of A and Hypo also are relationship banks. Bank of New York is leading the deal while B of A will be acting as syndication agent and joint book-runner. Hypo will be co-documentation agent. The property is partially pre-leased to Arthur Andersen.

  • 25 Mar 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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3 Wells Fargo Securities 64,351.96 203 9.92%
4 JPMorgan 46,391.25 147 7.15%
5 Credit Suisse 37,323.31 115 5.75%