Regions Northeast | Boston
Financing for Suburban Boston Portfolio Paves Way for Repositioning
Aug 8, 2008

A financing deal valued at $27 .4 million has closed for a group of five office buildings totaling 226,000 square feet in Needham, Mass. With the assistance of commercial real estate capital intermediary Holliday Fenoglio Fowler L.P., a joint venture involving Commonfund Realty and Cabot, Cabot & Forbes secured a three-year adjustable-rate loan from Wells Fargo Real Estate Group Inc. Located about eight miles from downtown Boston, the portfolio sits within the 150-acre New England Business Center off Route 128. The joint venture plans to use the proceeds from the loan to reposition the portfolio through the redevelopment or releasing of the buildings. Presently, one entire structure is leased to Gold's Gym, while the remaining four buildings are unoccupied. Additionally, the property presents the opportunity for higher density development, and Commonfund and Cabot have already begun the permitting process for the construction of a Class A office project.

 
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