Suburban Boston Office Complex Reels in $80M in Financing
Financing to the tune of $80 million has been put in place for an approximately 452,000-square-foot office complex in Waltham, Mass. The borrower, an affiliate of Davis Marcus Partners, relied on HFF to orchestrate financing and the commercial real estate and capital markets services provider sealed a deal for a loan through MetLife Real Estate Investments.
“We had some really aggressive proposals from both banks and life companies,” Lauren O’Neil, a director with HFF, told Commercial Property Executive.
The properties involved in the transaction sit within the Reservoir Woods West Campus, less than 20 miles outside of Boston. Carrying the addresses of 920, 930 and 940 Winter St., the office destinations encompass a respective 275,000, 47,000 and 130,000 square feet. The buildings, which range in height from two to four stories, emerged from a renovation in 2006, but the portfolio’s most prominent feature can be seen on the tenant roster — it’s 100 percent full.
MetLife provided a seven-year, fixed-rate loan for the buildings. The lending community remains restrained, but options can be plentiful for the right property and the right borrower. The Reservoir complex and Davis Marcus fit the bill.
“I think [lender interest] had to do with a couple of things; first was sponsorship and then certainly the amount of equity they had committed to the deal,” O’Neil said. “It was their financial commitment and expertise, and then the next piece of it was the asset. These buildings have some of the highest quality office space in the suburban market.”