Marcone of Marcone Capital, Inc. arranges $48 million in financing

July 13, 2018 - Financial Digest
3 Post Office Sq. and 24 Federal Street - Boston, MA

Boston, MA Mike Marcone of Marcone Capital, Inc. has arranged the financing of two office/retail buildings comprising a total of 138,565 s/f located at 3 Post Office Sq. and 24 Federal St. 

The property is located on a prime corner of the city’s central business district in downtown. The property is situated in Boston’s iconic Post Office Square and benefits from panoramic views of the Norman B. Leventhal Park. The property is a short walk from Faneuil Hall, Beacon Hill, Downtown Crossing, and Boston Common. All major public transportations systems are within a short walk including all MBTA subway lines, commuter rail, and bus. There is direct access by car to I-93 within only a few blocks.

Mike Marcone,
Marcone Capital

The property is owned/managed by Aegean Capital, LLC, which is owned by Constantine Alexakos. Aegean Capital is a private equity real estate firm that currently owns and manages a variety of commercial real estate assets located throughout New England. 

The non-recourse financing was provided by Brookline Bank. 

Marcone said, “I have financed many properties with Brookline Bank over the years and have found them to be one of the best lenders to work with in the market. Brookline Bank provided very competitive financing in recognition of not only the quality of the asset but also the sponsor who owns and manages several other very successful office buildings in Boston.” 

The property, originally built in 1905 and 1921, consists of an eleven and a twelve story building with retail space on the first floor and office on the upper floors. The property was originally acquired by the current owner in 2014. The owner has spent $5 million since acquisition on various tenant and building improvements. Public parking is plentiful in the area as the property is located directly across from the Garage at Post Office Sq., a 1,400 space underground parking structure.

The property is currently well leased. The retail space is leased to such credit tenants as CVS, Century Bank, Berkshire Bank, and Dunkin Donuts. The office tenants include a strong and diverse collection of large national & regional companies, financial institutions, and several law firms. With floor plates of 6,000 s/f the property can easily accommodate smaller tenants or larger tenants on a multi floor basis. For those tenants occupying a single floor they have their own secured elevator access.

Marcone Capital is a mortgage banking and real estate consulting firm based in Quincy, Mass.

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