September 08, 2011 -
Financial Digest
Holliday Fenoglio Fowler, L.P. (HFF) has arranged $230 million in acquisition financing for Landmark Center, a 950,000 s/f, class A mixed-use complex.
HFF worked to secure a fixed-rate loan through New York Life Insurance Company and New York State Teachers Retirement System on behalf of institutional investors advised by J.P. Morgan Asset Management and Samuels & Associates.
Landmark Center is a mixed-use complex located at the confluence of the Longwood Medical Area and Fenway neighborhoods. Currently, the property is 98% leased, with a blend of credit retail and office tenants. Major office tenants include Blue Cross Blue Shield of Massachusetts, Harvard School of Public Health, and Harvard Medical School. The retail units are occupied by Bed Bath & Beyond, Best Buy, REI, Staples, and a 13-screen movie theatre. In addition to the current stabilized value, the property has the potential for an additional development of 337,000 s/f over the parking garage.
The building is located adjacent to Fenway Triangle Trilogy, a mixed-use residential and retail project developed by a joint venture with institutional investors advised by J.P. Morgan Asset Management and Samuels & Associates. The Fenway neighborhood is being re-developed into a 24/7 mixed-use community offering a wide range of services, stores and restaurants to its residents.
The HFF team representing the borrowers was led by senior managing directors Bob Herron and Whitney Wilcox and director Greg LaBine.
J.P. Morgan Asset Management - Global Real Assets has approximately $54.3 billion in assets under management and 392 professionals in the U.S., Europe and Asia, as of June 30, 2011. With a 40-year history of successful investing, J.P. Morgan Asset Management - Global Real Assets' broad capabilities provide the world's most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
Samuels & Associates, a leading New England real estate developer, headquartered in Boston, Massachusetts, has been focused on re-developing the Fenway neighborhood of Boston for over a decade. They have been developing, leasing, and managing real estate for over 20 years. Samuels continues to chart new waters with remarkable projects in urban and suburban communities.
Holliday Fenoglio Fowler, LP ("HFF") and HFF Securities LP ("HFFS") are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.