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