HFF arranges $45M refinancing for Brookline, MA office property

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $45 million first mortgage loan secured by a 155,896-square-foot office building in Brookline Village, (top left photo) Brookline, Massachusetts.

Working exclusively on behalf of ND/CR 10 Brookline, LLC, HFF senior managing director Fred Wittmann (middle right photo)  and director Janet Krolman (middle left photo)  placed the seven-year loan with People’s United Bank and Sovereign Bank. Loan proceeds were used to retire the existing debt on the property.

The loan can be increased to fund the potential expansion of the building to accommodate its existing tenants.

Located at 10 Brookline Place West, at the intersection of Route 9 and Brookline Avenue, the property has direct access to the Longwood Medical Area, Fenway, Back Bay and downtown Boston. The property is 100% leased on a long-term basis to Dana-Farber Cancer Institute and The New England Institute of Art.

“HFF was able to secure an attractive loan that repaid the acquisition financing on the property and provided a construction facility for a potential expansion to the building for The New England Institute of Art,” said Wittmann.

ND/CR 10 Brookline, LLC is controlled by National Development and Charles River Realty Investors. The group purchased the property in early 2009.

Contacts:

Frederic E. Wittmann, HFF Senior Managing Director, (617) 338-0990, fwittmann@hfflp.com
Janet N. Krolman, Director, (617) 338-0990, jkrolman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com