Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to an affiliate of Benenson Capital Partners, has arranged a $38 million senior loan secured by 1600 Summer St., a 261,000 s/f class A office building. The loan, which was provided by an affiliate of a domestic life insurance company, is for a term of 15 years.
Benenson Capital Partners developed 1600 Summer St. in 1980 and has owned it continuously since then. The building has been home to various major corporate tenants throughout its history. Currently, it is 100% leased to three tenants: General Electric Company, Philips Electronics North America Corp., and AON Corporation.
Richard Kessler, chief operating officer of Benenson Capital Partners, said, "This financing along with the tenancy of General Electric, completes the successful repositioning of 1600 Summer St."
Steven Kohn, president of Cushman & Wakefield Sonnenblick Goldman, said, "The prestigious tenant roster, long-term stability and strength of ownership made this financing a highly attractive opportunity for lenders."
"As a result of this transaction, Benenson Capital has been able to lock in an interest rate for the next 15 years that is extremely low compared to historical rates," said Mark Ehlinger, executive director of Cushman & Wakefield Sonnenblick Goldman.
About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry's leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm's website at www.cushwake.com/sonngold.