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| Charles River Plaza North, 185 Cambridge Street, Beacon Hill Neighborhood, Boston, MA |
BOSTON, MA, July 13, 2015
– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $345
million in first mortgage and mezzanine financing for Charles River Plaza North, a 354,594-square-foot, state-of-the-art
office/research building adjacent to and long-term leased by Massachusetts
General Hospital (MGH) in Boston, Massachusetts.
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| Riaz Cassum |
HFF worked on behalf of
the borrower, The Davis Companies and Marcus Partners, Inc., developers and
owners of the property, to secure a $245 million, fixed-rate loan with UBS and
a $100 million mezzanine loan with TIAA-CREF.
Loan proceeds will be used to refinance an existing loan HFF arranged
for the borrower in 2007.
Charles River Plaza North
is located at 185 Cambridge Street within the larger 630,000-square-foot
Charles River Plaza mixed-use development adjacent to the campus of MGH in
Boston’s Beacon Hill neighborhood.
This location is across the Charles River from
the Massachusetts Institute of Technology and Harvard University and is
convenient to mass transit with an MBTA red line station about three blocks
away.
Completed by the current ownership in 2005,
Charles River Plaza North is leased in its entirety to The General Hospital
Corporation, the parent of MGH and subsidiary of Partners Healthcare
System.
Additional tenants within
the development include Whole Foods, CVS and the Schepens Eye Institute. Charles River Plaza North is used as a
lab/research facility with five distinct research teams each occupying a floor
of the building – the Center for Systems Biology, the Center for Regenerative
Medicine, the Center for Computational and Integrative Biology, the Wellman
Center for Photomedicine and the Center for Human Genetic Research.
The HFF debt placement
team representing the borrower was led by senior managing director Riaz Cassum.
“HFF has had a long
history with Charles River Plaza and was involved in securing both the original
construction financing for the project in 2003 as well as the permanent loan in
2007,” said Cassum. “We are extremely
proud to be involved with such a world class project that represents Boston’s
strong presence in the field of medical research.”
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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