JLL arranges $3.6M financing for Boston-area retail building
Loan proceeds were used for the acquisition of the fully leased, multi-tenant retail property in Brookline’s Coolidge Corner
BOSTON, March 5, 2020 – JLL Capital Markets announced today that is has arranged $3.6 million in acquisition financing for 1429 Beacon St., a 7,955-square-foot, fully leased, multi-tenant retail building in the Boston-area community of Brookline, Massachusetts.
JLL worked on behalf of the borrower, Boston-based Eden Properties, to place the 10-year, fixed-rate, non-recourse loan with Eastern Bank.
The one-story 1429 Beacon St. was completed in 1922 and has been updated throughout its almost century-long history. The one-story building has a basement level and is home to three tenants: East Boston Savings Bank, Brookline Ballet School and the School is Cool daycare. Situated on 0.16 acres, the property occupies the corner of Marion Street and Beacon Street, one of the main thoroughfares in Brookline. 1429 Beacon St. is adjacent to the Summit Avenue stop on the MBTA’s Green Line C Branch, which provides direct access to downtown Boston 3.5 miles away via Park Street and North Station, two of Boston’s major mass-transit hubs. The property location is surrounded by a large, affluent residential base with nearly one million residents within a five-mile radius earning an average annual household income of more than $124,000.
The Capital Markets debt placement team representing the borrower was led by Managing Director Greg LaBine and Director Martha Nay.
“It’s easy to understand why Eden was drawn to this retail asset, given its irreplaceable location on Beacon Street in Brookline’s Coolidge Corner,” Nay said. “The sponsor’s vision for the asset and reputation helped JLL to secure superior financing terms from Eastern Bank.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Eden Properties
Eden Properties is a privately held Boston based real estate firm whose mission is to help shape thriving places by creating dynamic multi-family housing and mixed-use properties that exceed stakeholder expectations. At Eden, team members approach their work with creativity, persistence, respect and a commitment to excellence. Visit edenproperties.com.