HFF Arranges $60M Loan for Class A Creative Office Development in Boston Area
- Mar 18, 2016
Boston—HFF recently announced it has arranged a $60.6 million construction loan for a two-story, 185,595-square-foot speculative office development in Watertown. The 10.36-acre site is located four miles away from Boston and close to Harvard Business School, Alewife, plus Kendall and Harvard Squares in Cambridge.
HFF represented Boylston Properties, the borrower and owner of the development, in securing a three-year, floating rate loan. The funds were acquired through Cornerstone Real Estate Advisers, acting on behalf of an institutional client. The debt replacement team that represented Boylston was led by HFF senior managing director Frederic Wittmann.
“The Arsenal Street corridor in Watertown is a viable alternative for the oversaturated Kendall Square office market, the extremely congested West Cambridge/Alewife market and the suburban markets of central 128,” Wittmann said in prepared remarks.
The 93,000-square-foot industrial building sitting at 490 Arsenal Way began its transformation in October 2015 and is slated for completion by early 2017. LINX, the resulting office property, will be located a short walk from the Arsenal Project. At the same time, The Arsenal on the Charles is just 0.7 miles away. LINX is being built as a Class A, LEED-intended flexible creative space with a two-story atrium offering 650 parking spots and private shuttle rides to Harvard Square.
Due to its strategic location, the building will be within walking distance from retailers, amenities, and restaurants, including Marshalls, Gap, Old Navy, Target, Home Depot, Boston Sports Clubs, GymIt, Branch Line, Donohue’s, Porcinis, and Miller’s Watertown Ale House.
Image courtesy of linxwatertown.com