Samuels & Associates and its international partner Jiaming Investment America have locked in a $360 million CMBS refinance for the Lyrik office tower that straddles the line between Back Bay and Fenway. The deal wipes out the construction loan, sends a modest slice of equity back to the owners, and secures long-term financing for a 20-story office building that opened in 2024 and is reported to be roughly 93% leased to corporate tenants.
Loan And Lender Details
According to Bisnow, the $360 million CMBS package was arranged through Morgan Stanley Bank and Goldman Sachs. The proceeds are slated to refinance roughly $323 million of construction debt, handle landlord obligations and closing costs, and return about $17 million of equity to the sponsor. The loan is tied specifically to the office portion of the Lyrik development and follows KBRA's pre-sale notification to potential investors. Samuels declined to comment on the financing, according to the outlet.
KBRA's Ratings And The Collateral
In a preliminary report, KBRA characterized the financing as a non-recourse, first-lien mortgage with a five-year, interest-only structure and an assumed coupon of about 5.95%. KBRA lists the collateral as the 20-story Lyrik office tower and pegs the building at approximately 495,275 square feet, with 457,263 square feet of office space and about 38,012 square feet of retail. The agency also reported the property was 93.4% leased to 11 tenants and calculated a KBRA value near $359.7 million, which works out to an in-trust loan-to-value ratio of roughly 100.1%.
Lyrik's Background And Tenants
The Lyrik development, built by Samuels & Associates and completed in 2024, is a high-profile air-rights project that developers say reconnects Back Bay and Fenway and combines office space, street-level retail, and a 399-room citizenM hotel. CoStar has described the mixed-use complex as roughly a $1.1 billion project with a public plaza, and the project's own materials list anchor addresses and leasing details for 1001 Boylston and the adjoining 400 Newbury St. Major tenants in the office tower include CarGurus, which signed a roughly 225,000-square-foot lease, and the LEGO Group, along with smaller office and retail names such as Weil, Rivian, and Brooks Running.
Why The Refi Matters For Boston's Office Market
The refinancing highlights how available capital still chases top-tier, newly built assets even while much of the broader office market struggles. CBRE data cited by Bisnow put Back Bay's vacancy at around 14% compared to about 18.7% across the Boston metro, with Class A product posting even lower vacancy. Market watchers have framed the current cycle as a bifurcated recovery in which amenity-rich, transit-friendly buildings outshine older stock, a pattern documented by industry analysis from BestCRE. Moving the loan into a CMBS conduit with a five-year term gives investors a medium-term window to gauge leasing momentum and could shape appetite for similar trophy office deals.
Bottom Line
The CMBS refinance shifts Lyrik out of construction financing and onto a securitized platform, giving Samuels fresh liquidity while signaling that investors are still willing to pay for well-leased, modern product in Boston. Observers point to KBRA's pre-sale metrics, including the high in-trust LTV and concentrated tenant roll, as a reminder that underwriting for trophy assets leans heavily on rental durability and tenant quality. For the underlying reporting and ratings, see KBRA and CoStar.
