75-85-95 Wells Avenue - Newton, MANewton, MA Holliday Fenoglio Fowler, L.P. (HFF) has closed the sale of, raised joint venture equity and arranged the acquisition financing for 7-57 and 75-85-95 Wells Ave., two office buildings totaling 332,194 s/f and located eight miles west of Boston.
HFF represented the seller and procured the buyer, a joint venture, also arranged by HFF, between Angelo Gordon & Co. and Jumbo Capital Management, in this $62.3 million transaction.
HFF worked on behalf of the new owner to secure five-year, fixed-rate first mortgage financing in the amount of $47.13 million, which included funds for the acquisition, as well as a facility for future tenanting and capital costs.
7-57 Wells Ave. and 75-85-95 Wells Ave. are located along Greater Boston’s Rte. 128/I-95 beltway. At 95% leased, the properties boast an all-star rent roll including EMC, Ericsson, and Ascensus.
The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Ben Sayles.
The HFF debt and equity placement team was led by directors Lauren O’Neil and Brett Paulsrud.
Mark Terry and Jonpaul Sallese represented East Boston Savings Bank in the mortgage transaction.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing.
Jumbo Capital Management, LLC is a privately held, value focused, commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 and currently has 2.25 million square feet under management. Jumbo Capital has the ability to invest in all property types with a focus on value-add, net leased and opportunistic or distressed transactions.
East Boston Savings Bank (EBSB) is a Massachusetts $3.5 billion asset-sized chartered stock savings bank that operates 30 full-service branches in the greater Boston metropolitan area. The Bank’s primary market consists of Essex, Middlesex and Suffolk counties, Massachusetts. As a long-time commercial real estate lender, the experienced and diverse lending teams offer flexible financial options for loans up to $50 million.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
