Wednesday, October 11, 2017

HFF announces $205M financing of The District Burlington, the Inner suburbs most walkable and amenitized mixed-use environment


 
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

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