7/7/2008

$27.4M loan negotiated for New England office portfolio

by
Holliday Fenoglio Fowler has secured a $27.4 million bridge loan for a five-building, 226,000 square foot office portfolio in the New England Business Center in Needham, Mass.

Working on behalf of a joint venture between Commonfund Realty and Cabot, Cabot & Forbes, HFF's Riaz Cassum, Gregory LaBine and Porter Terry placed the three-year, adjustable-rate loan with Wells Fargo Real Estate Group, Inc. Proceeds from the loan will allow the client to reposition the portfolio by re-developing and releasing some of the buildings.

The 150-acre New England Business Center is adjacent to Route 128 and south of the Massachusetts Turnpike in Needham, which is approximately eight miles west of downtown Boston.

Four of the properties are currently vacant and the fifth is leased to Gold's Gym, Cassum said.

Address: 10 New England Business Center Dr., Needham, Mass.

Size: 226,000 square feet

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Filed Under: Office

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