Hancock Tower in Downtown Boston Foreclosed
The Warren Residential Group reports that Broadway Real Estate Partners LLC defaulted on the $700 mezzanine loan they took on the Hancock Tower. The Hancock was part of a $3.3 billion portfolio acquisition by Broadway from local real estate firm Beacon Capital.
Broadway is now feeling the effects of a softening Boston commercial real estate market with tenants of the Hancock Tower vacating their spaces with downsizing and budget cuts. These vacancies have brought the market value down below what is owed by Broadway on the Hancock.
I doubt the Hancock tower is a Massachusetts Foreclosure anyone reading this blog can afford to buy. However, if you’re in the market for buying a Boston Foreclosure, there are bound to be others available in the near future, including those at the Boston Foreclosure Auction.
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