Boston Properties Inc. agreed to acquire the John Hancock Tower and Garage in Boston from private-equity firms Normandy Real Estate Partners and Five Mile Capital Partners for about $289.5 million, plus the assumption of about $640.5 million in debt.
2006 - Broadway acquires from Beacon using $640mm Senior and a $723mm mezz.; Appraises at $1.3mm
2009 - Borrower defaults, Normandy and Five Mile pick up the mezz for $20.1mm, assume the senior, takeover ownership.
2010 - Normandy and Five Mile make 10x their investment less than 1.5 years later.
Good for GG9.