Capital One Closes $60 Million Loan for Acquisition of Historic Boston Seaport District Property

New York, NY (April 30, 2017) – Capital One announced today that it has provided a $60 million leasehold mortgage to The Davis Companies (TDC), allowing it to acquire 88 Black Falcon Avenue, two, three-story interconnected buildings totaling 376,000-square-feet within the Seaport District’s Flynn Cruiseport Boston, near the Raymond L. Flynn Marine Park. TDC plans to make substantial improvements to the office and industrial building and surrounding Harborwalk to add vitality to the dynamic growth occurring in this area of the Seaport. Planned improvements include upgrades to the building’s common areas, bathrooms, elevator lobbies, entrances, and existing restaurant / café, as well as creating a brand-new fitness center complete with showers, lockers, and bike rooms for storing and repairing cycling equipment. Lisa Greeley, a Senior Vice President in Capital One’s Boston office originated the transaction.

“We structured the transaction for 88 Black Falcon Avenue to help The Davis Companies preserve its cash flow and pursue its multi-year improvement plan with minimal disturbance to established tenants,” Greeley said. “Our goal was to help the company realize its aspirations for this unique property.”

The property is currently 94 percent leased, with 17 office tenants and 18 industrial and water dependent tenants. It’s adjacent to the 1.4 million-square-foot Innovation and Design Building, home of the Boston Design Center, which was previously owned and renovated by The Davis Companies.

TDC is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. Directly, and with its valued partners, the company currently owns a real estate portfolio of approximately 12 million square-feet across the Eastern United States.

With billions of dollars of public and private investments in recent years, and more than six million square-feet of under-construction and board-approved development, Boston’s Seaport District is undergoing a significant transformation from its industrial and maritime roots into a vibrant, mixed-use neighborhood with apartments, office space, restaurants, hotels, and a convention center. Projects such as Seaport Square, a five-million-square-foot project with residential, office, retail, and hotel properties, have brought more than 9,000 jobs to the area in recent years.

Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at www.capitalone.com/cre.

About The Davis Companies

Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $236.8 billion in deposits and $357.0 billion in total assets as of December 31, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.