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| Drydock Center, 27 Drydock Avenue Boston, MA |
BOSTON, MA – HFF announced it has secured a $9 million loan
increase for Drydock Center at 27 Drydock Avenue, a industry leading
“Innovation Facility ” located in Boston’s Innovation District.
Working on behalf of North Star Management, HFF achieved the
loan increase with Aetna Life Insurance Company. This is the third loan increase of this loan that HFF has secured
since 2002.
Originally built in 1919, Drydock Center is an eight-story,
283,000-square-foot industrial loft building that is 94 percent leased. Major tenants at the property include John
Hancock and Dana-Farber Cancer Institute.
Drydock Labs, an innovative shared laboratory concept, is
also located in the building. Situated
on a 1.71-acre site along Drydock Avenue, the property is across from the
Design Center and the Massport-Black Falcon Cruise Terminal on the southern
edge of Boston’s Seaport District.
The HFF team representing the borrower was led by managing
director Greg LaBine.
Founded in 1986, North Star Management is a Boston-based
commercial property management firm focused on mid-size properties in downtown
Boston.
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| Greg LaBine |
“North Star Management has done a tremendous job over the
past decade in making this asset a shining example of the Innovation District
that the Seaport has become today.
“North Star has converted a significant portion of this
property from warehouse/storage use to incubator lab and technology uses. Aetna has been their lending partner through
this conversion process, having provided North Star with additional capital to
improve the property three times during the course of the loan.
“ Aetna has clearly exhibited the benefits of working with a
life company portfolio lender that holds their loans on book and can be
flexible during the term,” said LaBine.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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