JLL arranges $43.18M financing for suburban office portfolio
Proceeds will be used to purchase and update 2 office buildings near Boston
BOSTON, February 10, 2020 – JLL Capital Markets announced today that is has arranged $43.18 million in acquisition financing for a two-property office portfolio totaling 292,014 square feet in the Boston-area community of Framingham, Massachusetts.
JLL worked on behalf of the borrower, a partnership between Campanelli and TriGate Capital, to place seven-year, fixed rate, non-recourse loan with Cambridge Savings Bank. Proceeds will be used to acquire the portfolio and make capital improvements to the properties.
The office portfolio is 90% leased to 32 tenants and comprises 492 Old Connecticut Path and 161 Worcester Road, both in Framingham, which has emerged as the urban center of MetroWest, the eight-community sub-region along the heavily populated Mass Pike-Route 9 Western Suburban corridor. 492 Old Connecticut Path is a 166,101-square-foot, six-story property adjacent to Interstate 90, which is the main east-west thoroughfare with direct access to downtown Boston. The 125,913-square-foot 161 Worcester Road is a six-story office property with a restaurant pad on Worcester Road (Route 9), which connects downtown Boston and the affluent western suburbs. The borrower will invest $2.4 million into capital improvements to the portfolio, focusing mostly on 492 Old Connecticut Path.
The Capital Markets debt placement team representing the borrower was led by Managing Director Greg LaBine and Director Martha Nay.
“Given the acquisition nature of the deal, certainty of execution was particularly sensitive on this transaction,” Nay said. “The proven track record of the Campanelli/TriGate team executing successful value add office programs allowed Cambridge Savings Bank to get very comfortable with the business plan. The smooth execution by all sides resulted in a highly successful transaction.”
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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Campanelli is a third-generation, vertically integrated commercial real estate, construction, development, acquisitions and management company. With over six decades of successful experience having developed, built and acquired over 24 million square feet of property, Campanelli’s impeccable reputation in real estate development and investment stands as the foundation of our lasting relationships with an extensive list of repeat clients.
About TriGate Capital
TriGate Capital is a leading real estate investment manager focused on the recapitalization and repositioning of quality commercial real estate assets and companies. TriGate is a situational investor with a focus on value and preservation of capital. TriGate has significant experience acquiring assets with a compelling basis and risk-adjusted returns, and TriGate and its principals have achieved success over multiple real estate cycles. The company co-invests significant amounts of its own capital, which aligns TriGate with its investors.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $4 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers and the communities it serves. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Newton and Watertown.