Marcone of Marcone Capital arranges $13 million financing for Aegean Capital

Mike Marcone of Marcone Capital, Inc. has arranged $13 million financing of a 68,890 s/f NLA office building located at 268 Summer St. The property is located in the Seaport District of the city. The non-recourse financing was provided by Rockville Bank. The property is an eight story building with one retail space leased to Dunkin' Donuts on the first floor and office space on the upper floors. Originally constructed in 1898, the property has been upgraded over the years while still maintaining the turn of the century building characteristics which are attractive to potential tenants including high ceilings and exposed brick walls and wood beams. With ceiling heights ranging from 12' to 16' and floor plates designed for smaller and midsize tenants, the building is especially appealing to modest size tenants seeking a full floor or recognizable presence as opposed to being relegated to larger floors in a downtown tower. The property is managed by Aegean Capital, LLC, which is owned by Constantine Alexakos. Aegean is a private equity real estate firm that currently owns and manages a variety of commercial real estate assets located throughout New England. Alexakos's ownership of 268 Summer St. originally dates back to 2007. Marcone said, "I have been a correspondent for Rockville Bank for many years and have always found them to be an excellent lender, especially for higher quality assets. They provided a very aggressive, non-recourse loan in recognition of the quality of the improvements as well as their comfort in the expertise of the sponsor." The property is 100% leased to a diverse group of thirteen tenants. The three largest tenants are very well known national companies including Cakewalk, Inc, a leading developer of award wining products for the music industry, Netsuite, the world's leading provider of cloud based business management software and National Patient Safety Foundation, a non-for profit agency dedicated to the improvement in the safety of patient care. The property is managed by Aegean Capital, LLC, which is owned by Constantine Alexakos. Aegean Capital, LLC is a private equity real estate firm that currently owns and manages a variety of commercial real estate assets located throughout New England. Mr. Alexakos's ownership of 268 Summer Street originally dates back to 2007. The non-recourse financing was provided by Rockville Bank. Marcone said, "I have been a correspondent for Rockville Bank for many years and have always found them to be an excellent lender, especially for higher quality assets. They provided a very aggressive, non-recourse loan in recognition of the quality of the improvements as well as their comfort in the expertise of the sponsor." Marcone Capital, Inc. is a mortgage banking and real estate consulting firm based in Quincy, Massachusetts.