Herron and LaBine of HFF place $25 million financing for H.N. Gorin, Inc.
Holliday Fenoglio Fowler, L.P. (HFF) has secured $25 million in financing for 101 Merrimac St., a 10-story, 159,173 s/f class A office building in the city's Bulfinch Triangle neighborhood.
Working exclusively on behalf of H.N. Gorin, Inc., HFF senior managing director Bob Herron and director Greg LaBine placed the loan with Unum Group. Loan proceeds will refinance an existing first mortgage on the building. HFF will also service the loan.
Completed in 1990, 101 Merrimac St. features an on-site restaurant, courtyard and 55-space parking garage and is 95% leased to tenants including Partners Healthcare System, Inc. The property is located in Boston's Bulfinch Triangle neighborhood close to North Station, Mass. General Hospital, Faneuil Hall, the Financial District and the waterfront.
"Unum was able to provide a 15-year, fixed-rate financing at a competitive rate, which fit both the building profile and HN Gorin's strategy for the asset," said LaBine.
H.N. Gorin, Inc. is a real estate investment and development company involved in the acquisition, development, management and ownership of commercial, multifamily residential, industrial and retail real estate.
Manchester, NH The Rockland Trust Foundation has awarded a $50,000 grant to the Mark Stebbins Community Center (MSCC) in support of the new Mark Stebbins Community Center facility on the city’s West Side. The 20,000 s/f multi-service facility, opening on September 9th, will bring healthcare, youth programming, food access, and family support services together under one roof, creating a centralized hub for children and families in one of the city’s most underserved neighborhoods.
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4