Colliers International | Boston has secured $12.05 million in financing for 60 and 70 Codman Hill Rd., a pair of office/R&D buildings totaling 144,000 s/f at the intersection of Rte. 495 and Rte. 111.
The Colliers debt team led by vice president Jeff Black worked exclusively on behalf of Lynnfield-based Atlantic Tambone, Inc. to secure the 7-year, fixed-rate loan through UniBank for Savings. Proceeds were used to refinance existing debt on the properties. The assets are 100% leased to investment-grade quality tenants with staggered lease expirations. Individual property details are highlighted below:
* 60 Codman Hill Rd. is a two-story 100,226 s/f office/R&D facility that is fully-leased to Interactive Data Corp. (IDC), a trusted leader in financial information headquartered in Bedford. The property serves as the company's U.S. east coast data center.
* 70 Codman Hill Rd., totaling 43,700 s/f, was constructed in 1998 on a build-to-suit basis for Intertek Testing Services NA Inc., a division of Intertek Group plc, to house key research and development personnel and the company's critical testing and research functions.
"UniBank really took the time to understand the collateral, realizing these are mission-critical assets for IDC and Intertek, and ultimately provided Atlantic Tambone with an aggressive fixed rate and a structure that catered to the borrower's wants and needs," said Black.
Atlantic Tambone is a privately-held commercial / industrial real estate and property management company with its offices at Six Kimball Lane in Lynnfield, MA.
UniBank, with assets of $1.4 billion as of September 30, 2013, is a full-service, mutually owned community bank with branches in the Blackstone Valley, Milford, and Worcester and a newly opened full-service, state-of-the-art branch in North Grafton. UniBank has been one of Massachusetts' fastest growing banks for the last five years and is dedicated to contributing to the overall quality of life and economic health of the communities it serves, while maintaining a high level of financial soundness and integrity. UniBank is a member of the FDIC and DIF.