Mike Marcone of Marcone Capital, Inc. has arranged $6.5 million financing of an office building comprising 59,815 s/f located at 225 Friend St.
The property is a first class, eight story building which is 90% leased to sixteen tenants. The property was originally built in 1910 but in 1985 the property was entirely renovated which included an expansion of the building. In 2005, $500,000 was invested to refurbish the elevators, upgrade the common areas and install a new security system. The property can accommodate parking for fifteen vehicles which is a rare amenity for comparable buildings in the area. There is also metered parking as well as several parking garages including a large parking garage (North Station Garage) located a couple blocks from the property.
The property is located near Government Center, the County Courthouse and Faneuil Hall. The property is particularly attractive to professionals including law firms that would like to be in close proximity to the County Courthouse and Government Center. The property is accessible off of Rte. 93 and is located in close proximity to all major public transportation systems including commuter rail and subway service which are both within one block of property.
The property is managed by KS Partners, LLC, which is owned by Kambiz Shahbazi. KS Partners, LLC is a holding company that owns and operates over 2.2 million s/f of commercial property in the northeastern U.S. Shahbazi's ownership of 225 Friend St. originally dates back to 2006.
The financing was provided by Brookline Bank.
Marcone said, "Mr. Shahbazi is a pre-existing client of Brookline Bank and has sincerely enjoyed the relationship over the years. Not only does Brookline Bank provide competitive financing they are an astute lender who truly understands the local markets."
Marcone Capital is a mortgage banking and real estate consulting firm based in Quincy, Mass.