Saturday, March 19, 2016

HFF closes $62.3 million sale, raises joint venture equity and secures financing for two suburban Boston, MA office assets

7-57 and 75-85-95 Wells Avenue, Newton, MA

Lauren O'Neil
BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of, raised joint venture equity and arranged the acquisition financing for 7-57 and 75-85-95 Wells Avenue, two office buildings totaling 332,194 square feet and located eight miles west of Boston in Newton, Massachusetts.

HFF represented the seller and procured the buyer, a joint venture, also arranged by HFF, between Angelo Gordon & Co. and Jumbo Capital Management, in this $62.3 million transaction.

 HFF worked on behalf of the new owner to secure five-year, fixed-rate first mortgage financing in the amount of $47.13 million, which included funds for the acquisition, as well as a facility for future tenanting and capital costs.

7-57 Wells Avenue and 75-85-95 Wells Avenue are located along Greater Boston’s Route 128/Interstate 95 beltway in Newton, Boston’s best performing suburban submarket with a true “live, work, play” environment. 

Coleman Benedict
At 95 percent leased, the properties boast an all-star rent roll including EMC, Ericsson, and Ascensus. 

The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Ben Sayles.

The HFF debt and equity placement team was led by directors Lauren O’Neil and Brett Paulsrud.

Mark Terry and Jonpaul Sallese represented East Boston Savings Bank in the mortgage transaction.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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