HFF Arranges $51M Refi for Class A Biotech Property
- May 30, 2016
Boston—HFF recently closed a $51 million recapitalization financing deal for 1030 Massachusetts Ave. in Cambridge, Mass., on behalf of a Longfellow Real Estate Partners affiliate. The five-year, fixed-rate loan was secured through Capital One Healthcare.
Situated within walking distance from both Harvard and Central Squares, the 4-story, 77,805-square-foot property is a former office building developed in the mid 1980s and was acquired by Longfellow in 2009.
The current owner redeveloped 1030 Massachusetts Ave. into a Class A, LEED Gold-certified biotech/laboratory building through renovations which saw completion mid-2012. Due to its proximity to Harvard, MIT, and the surrounding science clusters, the property is currently fully leased. The tenant roster includes five biotech entities, an indoor cycling studio, and a restaurant slated for opening in the next couple of months.
Located on a major urban transport artery and close to everything Harvard Square has to offer in terms of dining options, retail, entertainment, and services, 1030 Massachusetts Ave. sits within a highly competitive and sought after submarket, especially when it comes to R&D and biotech tenants.
“Speed to closing was one of the critical elements for Longfellow. From the beginning of HFF’s marketing process to the closing was a span of only 49 days. Capital One moved very quickly and efficiently, dual tracking due diligence and legal to make this happen,” said Greg LaBine, managing director of HFF, in prepared remarks.
Image courtesy of HFF