JLL arranges $64.6M refinancing for Boston office property

December 18, 2019

Societe Generale enters Greater Boston market with refinance of Class A asset

BOSTON, December 18, 2019 – JLL announced today that it has arranged a $64.6 million refinancing for 101 Merrimac Street, a 10-story, Class A office building totaling 159,273 square feet in Boston’s North Station neighborhood.

JLL worked on behalf of the borrower, a partnership between H.N. Gorin and Artemis Real Estate Partners, to secure a floating-rate loan through Societe Generale. The loan represents Societe Generale’s initial transaction in the Greater Boston market. 

101 Merrimac has an exceptional location at the nexus of the Financial District, West End, North End and Beacon Hill. The property boasts a Transit Score® of 100 and a Walk Score® of 98 and is within minutes of North Station and Massachusetts General Hospital (MGH) as well as the soon-to-be-delivered Hub on Causeway and Bulfinch Crossing developments, which are poised to transform the immediate area. Renovated in 2009, the Class A building features a six-story dramatic atrium with a central water fountain, multiple roof decks, efficient floor plans, a 55-space parking garage and an Au Bon Pain Café Bakery. 101 Merrimac is 97% leased to 8 tenants including long-term occupancy by MGH, Partners Healthcare and Massachusetts General Physicians Organization. 

The JLL Capital Markets team representing the borrower includes Managing Director Greg LaBine and Senior Director Porter Terry. 

“Societe Generale worked closely with the JLL team to provide both competitive terms and a flexible loan structure, thereby allowing our client to continue to maximize value at the property,” LaBine said.  

“H.N. Gorin and Artemis were early to see the upside potential of the North Station location and JLL was pleased to be able to work with them to secure a like-minded lender to work with the sponsor as they continue to move forward with their vision,” Terry added. 

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.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. 

About JLL

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

About H.N. Gorin

H. N. Gorin, Inc. operates as a real estate investment and development company. The Company acquires, develops, manages, and owns commercial, multi-family residential, industrial and retail real estate.

About Artemis Real Estate Partners

Artemis Real Estate Partners is a majority women-owned investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles and Atlanta. Artemis has raised approximately $4.6 billion of capital across core, core plus, value-add and opportunistic strategies. Artemis has three primary business lines: $2.0 billion in value-add/opportunistic commingled funds, over $2.1 billion in vehicles focused on core/core plus investments with established and emerging operators and $476 million in a healthcare specific core plus fund. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, office, industrial, retail, hospitality, senior housing and medical office. Artemis specializes in joint venture partnerships and direct investments. Artemis specializes in joint venture partnerships and direct investments. More information can be found at