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| Fred Wittmann |
BOSTON, MA –– Holliday
Fenoglio Fowler, L.P. (HFF) announces the $205 million financing of The District Burlington, a first-class
mixed-use park comprising over one million square feet of office and retail
buildings in Burlington, Massachusetts.
The HFF team worked on
behalf of the borrower, affiliates of Charles River Realty Investors, National
Development and AEW Capital Management, to secure the seven-year, fixed-rate
permanent loan through a major institutional life insurance company.
The District Burlington is
located adjacent to Route 128/Interstate 95 and the Burlington Mall, only 15
miles northwest of Boston.
The property
was repositioned and rebranded through the complete redesign of the park infrastructure
and the development of a 30,000-square-foot retail cluster anchored by Island
Creek Oyster Bar, Tuscan Kitchen and Market, and TD Bank.
Improvements to the park
also include the addition of a 350-space parking garage, the repositioning and
expansion of Building 700, and the creation of a first-rate walkable amenity
package including a new Residence Inn by Marriott, an 8,000-square-foot fitness
center, and OMMMSpace that houses yoga and meditation classes.
 |
| Robyn King |
Enhanced connectivity is
provided through a Zagster Bike Share Program, walking trails and a private
shuttle to and from the Alewife MBTA station in Cambridge.
The District Burlington is 85 percent leased
to a diversified roster of more than 40 regional, national and global tenants,
including BAE Systems, Black Duck Software, Charles River Development (no
affiliation with Charles River Realty Investors) and Decision Resources.
 |
| Greg LaBine |
The HFF debt placement
team representing the borrower included senior managing director Fred Wittmann, managing director Greg LaBine and senior associate Robyn King.
“The borrower did a
fantastic job repositioning the asset to become a best-in-class mixed-use park
with the best amenity package available in the market,” said LaBine. “That led to increased tenant demand and
higher rents, which when coupled with top institutional sponsorship within the
borrower group, made this a compelling opportunity for the lender.”
Kristen M. Murphy
Director, Public Relations
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
or follow @nationaldevelop
.
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