Farallon Capital Management and Anchor Line Partners refinance Cross Point for $150 million

Lowell, MA According to Farallon Capital Management and Anchor Line Partners, they have closed the refinancing of Cross Point, a 1.29 million s/f office building. The $150 million in financing was provided by Starwood Property Trust. A portion of the proceeds were used to refinance the debt put in place at the time of acquisition. The majority of the balance of the proceeds will be used to fund leasing costs, primarily those associated with the recently 435,000 s/f Kronos lease.

Cross Point - Lowell, MA

Cross Point recently completed a $10 million renovation designed to meet the evolving needs and expectations of companies and their workforce. The reinvigorated site offers new modern amenities including fitness and gaming with golf simulator, full service café and micro-market, on-site daycare, event space and coffee bar. Additionally, the Tavern in the Square restaurant opened in June at Cross Point.

Since the building’s repositioning, Cross Point has leased over 775,000 s/f highlighted by the relocation of Kronos, Inc. Kronos will occupy over 435,000 s/f of office space starting in 2017. In addition, long time tenant Arris, an innovator in the technology and communications field, has renewed a 10-year lease on 143,594 s/f on floors 1-3 in Tower 3 of Cross Point.

Farallon Capital Management, L.L.C. is a global institutional asset management firm founded in 1986.  Farallon manages approximately $21 billion for institutions, including college endowments, charitable foundations and pension plans, and for high net worth individuals.  Farallon employs approximately 185 employees. Farallon is headquartered in San Francisco and has offices in London, Singapore, Hong Kong, Tokyo and Sao Paulo.  Farallon invests in public and private debt and equity securities, direct investments in private companies and real estate.   

Anchor Line Partners, LLC is a Boston-based investment firm focused on core plus, value add and opportunistic investment opportunities in the commercial real estate sector.  Since being co-founded in 2013 by Brian Chaisson and Andrew Maher, Anchor Line Partners has acquired over two million square feet of office buildings located in suburban Boston.  The co-founders bring over 45 years of combined investment, operating and leasing experience to the company.   Prior to founding Anchor Line Partners, Chaisson and Maher led the Boston operations of Tishman Speyer and Equity Office/Blackstone, respectively.