Marcone of Marcone Capital arranges $19.5 million financing

285 Summer Street - Boston, MA

Boston, MA Mike Marcone of Marcone Capital, Inc. has arranged the $19.5 million financing of a 57,750 s/f office building located at 285 Summer St. The property is centrally located in the Seaport District.

The property is a seven story office building that was originally constructed in 1895. Tenant spaces include high ceilings, exposed large wood beams, and brick walls. The site includes an eleven space parking garage and four exterior parking spaces, a unique amenity compared to other office buildings in the area.

Mike Marcone, Marcone Capital

The property was previously leased to a single tenant who vacated the building when their lease expired in 2011. The borrower spent over $2 million to redevelop and re-tenant the property. The borrower was able to re-lease 100% of the property to seven high quality tenants within only one year. Today, the property is still 100% leased to a strong roster of tenants comprising primarily large national and international firms.

The property is managed by Aegean Capital, LLC, which is owned by Constantine Alexakos. Aegean Capital 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 285 Summer St. originally dates back to 2008.

The non-recourse financing was provided by a Connecticut based bank.

Marcone said, “The sponsor was very happy with the loan as the lender not only provided a very competitive loan structure but their underwriting and approval process was very straightforward.”

Marcone Capital, Inc. is a mortgage banking and real estate consulting firm based in Quincy, Massachusetts