Cushman & Wakefield Sonnenblick Goldman (CWSG), serving as the advisor to Synergy Investment & Development LLC, and arranged a five-year, fixed rate $13 million mortgage in support of Synergy's $25 million acquisition of 200 Newport Ave. from ING Clarion Partners. The loan was provided by Principal Global Investors through its subsidiary Principal Life Insurance Company.
Located six miles south of Boston and situated directly at the North Quincy MBTA Red Line station, 200 Newport Ave. is leased in its entirety to State Street Corp. on a long term net basis. The property is a premier, institutional office asset in the south suburban Boston marketplace.
The CWSG team, which included executive vice president and principal Richard Swartz and senior director Jay Wagner, marketed the stapled financing in a coordinated effort with the sales process that was led by Cushman & Wakefield's president, Robert Griffin, executive vice president Edward Maher and executive director David Pergola. "Having the pre-arranged financing was very helpful to our sales process," said Griffin.
Wagner said, "Principal's responsiveness during the bidding process was essential to obtaining the most efficient mix of pricing and structure and allowed CWSG to achieve a great financing for our client."
About Synergy Investment and Development - Synergy is a Boston-based real estate investment and development firm focused on the acquisition and operation of office, retail, and residential assets, and their associated debt. The firm's specific capabilities include acquisition, debt placement, asset management, property management, permitting, and construction management. Known for its consistently superior performance, Synergy has had a particularly strong record of success on behalf of their foreign equity partners. To date, the firm has completed over $500 million in acquisitions. Synergy's current portfolio encompasses over 1.4 million square feet across 17 properties in metropolitan Boston. The firm provides space to over 150 companies, and has, since its 2004 founding, maintained an average portfolio occupancy of greater than 95%. Synergy's reputation for active management and consistent execution contributed to its being named CBA Landlord of the Year 2010. For more information on Synergy please visit: www.synergyboston.com
About Cushman & Wakefield Sonnenblick Goldman - Cushman & Wakefield Sonnenblick Goldman is a global leader in real estate financial services, providing highly specialized debt structuring, debt and equity placement, hospitality financing and sales, note sales and associated advisory services. As a premier real estate investment banking firm, we specialize in providing integrated capital solutions for all asset classes and are also a recognized industry leader in the financing and sale of hospitality and resort properties. Further information can be found at the firm's website at www.cushwake.com/sonngold.