John Hancock Tower
Fresh Details About Once-Golden Broadway Partners' Troubles
Matt Hinston via Flickr.
The Boston Globe has new details about Broadway Partners' financing troubles stemming from its $1.3 billion shopping spree in 2006, homing in on its highly leveraged purchase of Boston's John Hancock Tower and a related parking lot, which were part of a Beacon Capital Partners portfolio.
According to The Globe:
"Broadway bid aggressively to buy the Hancock Tower near the height of the market and borrowed heavily to make it work. A long-term first mortgage for $640 million is piled on top of short-term mezzanine financing of $472 million, according to a real estate executive with access to the numbers. All in, call that $1.
