Marcone of Marcone Capital arranges $13.54 million acquisition financing for Chapel Business Center and Watertown Portfolio

Chapel Business Center, 59-85 Chapel Street - Newton, MA

Newton, MA Mike Marcone of Marcone Capital, Inc. has arranged the acquisition financing for two properties known as Chapel Business Center in Newton, and the Watertown Portfolio in Watertown, Mass.

Chapel Business Center is a two story, 78,127 s/f brick and beam office complex that is 91% leased to a diverse collection of 16 tenants. The property was originally constructed in the late 1890s as part of a larger textile manufacturing complex. Over the years, extensive renovations have been done to create a unique and desirable multi-tenant property.

Chapel Business Center is centrally located at 59-85 Chapel St., 9 miles from downtown Boston and 11 miles from Logan International Airport. The property is easily accessed off of Exit 17 (Newton Corner) on the Mass. Pike. There are two public transit bus stops in the immediate area.

Mike Marcone, Marcone Capital

The Watertown Portfolio consists of two buildings comprising 43,300 s/f. One of the buildings located at 165 Dexter Ave. is a 100% leased, 11,300 s/f flex building. The second building located at 60-64 Cypress St. is a 32,000 s/f office building which was occupied by the former owner, the Jesuits of Mass., and is now available for lease. The property is also centrally located 7 miles to downtown Boston and only 2 miles to Cambridge.

Watertown is one of the fast-growing submarkets of Boston. Current projects include the construction of approximately 1,300 luxury apartments, redevelopment of The Arsenal Mall and the redevelopment of the Arsenal on the Charles into New England’s own “Silicon Valley” signature office park.

 The borrower acquired Chapel Business Center for $11.375 million and the Watertown Portfolio for $6.5 million. The property will be managed by KS Partners, which is owned by Kambiz Shahbazi. KS Partners is a holding company that owns and operates over 4 million s/f of commercial property located in the northeastern United States. 

The acquisition of Chapel Business Center and The Watertown Portfolio reflects the sponsorship’s continued commitment to acquire quality office buildings in the Greater Boston area. The non-recourse financing was provided by Cambridge Savings Bank. According to Mike Marcone “The Borrower was very happy to close another loan with Cambridge Savings Bank, one of their most valued lending relationships. They are a great lender to work with and also provided both competitive pricing as well as a flexible loan structure”. Marcone Capital, Inc. is a mortgage banking and real estate consulting firm based in Quincy, Massachusetts.