BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $16.3 million first mortgage loan secured by a 207,000-square-foot, two-building office campus within Lake Williams Corporate Center in Marlborough, Massachusetts.
Working exclusively on behalf of Great Point Investors, LLC, HFF senior managing director Riaz Cassum and senior real estate analyst Lauren O’Neil placed the five-year fixed-rate loan with Danvers Bank. Loan proceeds were used to retire the existing maturing debt on the properties, which was originally placed with a life company by HFF in 2002.
Located at 26 and 62 Forest Street within the Lake Williams Corporate Center, the properties are close to Interstates 495, 90 and 290 in southwest Marlborough approximately 27 miles west of Boston. 26 Forest Street has 119,016 square feet and 62 Forest has 88,342 square feet of Class A office space. Both properties were completed in 2001 and are 90% leased to four tenants: Advanced Micro Devices, International Power America, Netezza and Navilyst Medical.
“HFF was able to secure a loan that was equal to the existing debt on the property, which was a major accomplishment in today’s challenging capital market,” said Cassum. “Additionally, the borrower was able to fix its cost of capital for the next five years at a very attractive interest rate.”
Great Point Investors, LLC creates and manages private market real estate transactions for institutional investors.
Contacts:
Riaz A. Cassum, HFF Senior Managing Director, (617) 338-0990, rcassum@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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