Boston, MA Mike Marcone of Marcone Capital, Inc. has arranged $23.07 million acquisition financing for a brick and beam, 56,094 s/f office building located at 109-115 Broad St. in downtown. The financing was provided by Brookline Bank.
The property is a seven story property that is located near the Rose Kennedy Greenway and Rowes Wharf. The property is walking distance of South Station, the MBTA Blue Line and the MBTA commuter ferry, and I-93 is located close by.
The property consists of three interconnected buildings (109 Broad St., 115 Broad St., and 85 Wendell St.). The property was originally built in 1899 and was renovated in 2000 and again in 2017. The property includes high ceilings, natural light and brick and beam construction which is sought after by potential tenants.
The property is owned and managed by KS Partners, LLC, which is owned by Kambiz Shahbazi. KS Partners is a holding company that owns and operates over 4 million s/f of commercial property located in the northeastern United States. The property was acquired for $27.5 million.
Marcone said, “The borrower was very happy to close another loan with Brookline Bank, a lender with whom they have had the pleasure to work with on numerous transactions over the years.”
New Boston Ventures completed a $58.7 million development across from the subject property known as Boulevard on the Greenway (110 Broad St.). The project, originally started in 2016, consists of 36 residential condominiums and 3,560 s/f of ground level retail.
The $58.7 million development was completed at the end of last year.