Framingham, MA JLL Capital Markets has arranged $43.18 million in acquisition financing for a two-property office portfolio totaling 292,014 s/f.
JLL worked on behalf of the borrower, a partnership between Campanelli and TriGate Capital, to place seven-year, fixed rate, non-recourse loan with Cambridge Savings Bank. Proceeds will be used to acquire the portfolio and make capital improvements to the properties.
The Capital Markets debt placement team representing the borrower was led by managing director Greg LaBine and director Martha Nay.
The office portfolio is 90% leased to 32 tenants and comprises 492 Old Connecticut Path and 161 Worcester Rd., which has emerged as the urban center of MetroWest, the eight-community sub-region along the heavily populated Mass Pike-Rte. 9 Western Suburban corridor. 492 Old Connecticut Path is a 166,101 s/f, six-story property adjacent to I-90, which is the main east-west thoroughfare with access to downtown Boston. The 125,913 s/f 161 Worcester Rd. is a six-story office property with a restaurant pad on Worcester Rd. (Rte. 9), which connects downtown Boston and the western suburbs.
The borrower will invest $2.4 million into capital improvements to the portfolio, focusing mostly on 492 Old Connecticut Path.
“Given the acquisition nature of the deal, certainty of execution was particularly sensitive on this transaction,” Nay said. “The proven track record of the Campanelli/TriGate team executing successful value add office programs allowed Cambridge Savings Bank to get very comfortable with the business plan. The smooth execution by all sides resulted in a highly successful transaction.”