Marcone of Marcone Capital arranges $21.975 million financing of Highwood Office Park

Mike Marcone, Marcone Capital

Tewksbury, MA Mike Marcone of Marcone Capital, Inc. has arranged the acquisition financing of Highwood Office Park, a property consisting of a 276,660 s/f, three building, high quality office park.

Highwood Office Park is located off of I-495 and near I-93 and Rte. 3, and is 18 miles northwest of Boston. The property is situated on 17.7 landscaped acres. There are numerous restaurants, service and day-time amenities located in the immediate proximity of the property, including Cracker Barrel, LongHorn Steakhouse, 99 Restaurant, Dunkin Donuts, McDonald’s and Wendy’s, among many other local establishments.

The borrower has acquired the property for $29 million. The property will be managed by KS Partners, LLC, which is owned by Kambiz Shahbazi. KS Partners, LLC 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 Highwood Office Park reflects the sponsorship’s continued commitment to acquire quality office buildings in the Greater Boston area.

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

Highwood Office Park - Tewksbury, MA

Marcone said, “In recognition of the quality of the property and the sponsor, the lender provided a flexible, non-recourse loan based on 75% of the purchase price. The borrower was very happy to close another loan with this lender who has been a valued source for my client for many years now.”

The property has been well maintained with the previous owner reportedly having spent $2.7 million on renovations including upgrades to lobbies, restrooms, common areas and base building equipment. Highwood Office Park presents tenants with efficient floor plates, window lines, attractive ceiling heights, ample parking and on-site amenities including a fitness center with lockers and showers, café and a full-service Holiday Inn (227-rooms) hotel.

The neighboring Holiday Inn also offers conference facilities accommodating up to 350 guests.

The amenities offered by Highwood Office Park makes it one of the must toured properties for regional and national tenants seeking a headquarters quality environment north of Boston. The property is 97% leased to a diverse roster of nineteen (19) high quality regional and national tenants. The largest tenants include the headquarters of two well-known companies, Cambridge Isotope Laboratories, an international leader in the production of isotopes and Moody, Famiglietti, & Andronico, one of Massachusetts’s largest accounting firms.

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