Boston-Area Flex/R&D Complex Lands $21M Loan
- May 24, 2018
Berkadia has arranged $20.8 million in financing for the acquisition of Chiswick Park, a five-building industrial, flex/R&D office property in Sudbury, Mass. Parsons Commercial Group purchased the 330,000-square-foot asset in an off-market deal, for $27.5 million. Brookline Bank funded the seven-year, fixed-rate loan.
The property, built in 1987, is located at 490 Boston Post Road, along Route 20. The site provides easy access to interstates 90 and 495, while downtown Boston is roughly 20 miles away. The nearly 100 percent occupied complex houses industrial, warehouse, distribution, office, medical and recreational tenants, including Staples, Emerson Hospital, Adtech and Pure Encapsulate.
“This was a unique opportunity to purchase an off-market deal in Sudbury, a town with extremely strong demographics,” said John Parsons, president & CEO of Parsons Commercial Group.
Berkadia’s Boston office team brokered the deal, including Managing Director Ryan Nelson, Director Anthony Golebiewski and Associate Director Todd Rixon. In the beginning of the year, Berkadia secured $135.7 million in combined financing for two Florida properties. The deals included $80 million in construction financing for a mixed-use project in Orlando and a refinancing loan for a 469,000-square-foot town center in Miramar Beach, Fla.
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