51 Sleeper Street in Fort Point Refinanced by TIAA-CREF

At Boston City Properties, our goal is to bring you up-to-the-minute information about Boston real estate news. As anyone who watches real estate developments in the city knows, there's been a ton of activity in Fort Point of late. The most notable development in the last few weeks is the refinancing of 51 Sleep Street by TIAA-CREF, a financial services and retirement planning company. The refinancing was funded through a $33 million loan from New York Life Real Estate Investors, the real estate equity and debt division of New York Life Insurance Company.

51 Sleeper Street is a 146,000 square foot office property. TIAA-CREF originally acquired it near the end of 2013. At the time, they paid $60.2 million, which was a record-breaking price back then. According to Suffolk County property records, the new mortgage deal closed on June 11. Currently, tenants in the building include the United Way of Massachusetts Bay and Merrimac Valley and the main office for the Massachusetts Executive Office of Education.

By keeping abreast of developments like these, investors and buyers alike can get a better feel for what they can expect when making their own deals. As always, Boston City Properties is here to provide you with the latest information regarding commercial properties, including retail and office space, in and around the city. The refinancing of 51 Sleeper Street is yet another indication that investors are more than willing to pour huge amounts of money into this burgeoning neighborhood, and it will be interesting to see what else transpires in the area in the months to come.

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