CBRE/NE Debt & Structured Finance Arranges Financing for Boston’s Summer Street Portfolio and 38 Chauncy Street
Monday, October 6, 2014
CBRE/New England Contact:
CBRE/NE Debt & Structured Finance Arranges Financing
for Boston’s Summer Street Portfolio and 38 Chauncy Street
Acquisition financing obtained on behalf of Synergy Investments and DivcoWest
BOSTON (Oct. 6, 2014) — CBRE/New England’s Debt & Structured Finance team secured acquisition financing for the Summer Street Portfolio, comprised of 71, 77 and 87 Summer Street in Boston, in the amount of $21.43 million from Brookline Bank. The team also secured acquisition financing for 38 Chauncy Street in Boston for $27.8 million from Rockland Trust. Both assets offer innovative office space with ground-floor retail.
CBRE/NE’s Carlos Febres-Mazzei, Kyle Juszczyszyn, Chris Coutts, Alex Bradley and Taylor Shepard arranged the financing on behalf of Synergy Investments and DivcoWest.
“Both Rockland Trust and Brookline Bank delivered an efficient execution with attractive pricing,“ said Dave Greaney, President of Synergy Investments. “CBRE/NE was a terrific steward of the deal and handled these transactions with tremendous attention to detail."
“We are happy to have assisted Synergy Investments and DivcoWest in these transactions,” said CBRE/NE’s Febres-Mazzei. “The Summer Street Portfolio and 38 Chauncy Street are ideal investment opportunities in today’s marketplace; both Brookline Bank and Rockland Trust recognized the potential and provided attractive, flexible financing solutions for our clients. The timeline to close was extremely tight and these lenders were creative and highly responsive on both transactions.”
Situated in Boston’s thriving Downtown Crossing, the Summer Street Portfolio and 38 Chauncy Street are well-positioned to accommodate tenants looking to join an emerging 24/7 neighborhood. Ideally located adjacent to the high-profile Millennium Tower (One Franklin Street) and Burnham Building (10 Summer Street) redevelopment project, the Summer Street Portfolio and 38 Chauncy Street offer an attractive mix of retail amenities and superior access to public transit to accommodate the needs of today’s office workers.
The Summer Street Portfolio is comprised of three office buildings with several national credit ground-floor retailers. The portfolio is currently 97% occupied and totals approximately 90,070 square feet—comprised of 11,100 square feet of retail occupied by Wendy’s, Bank of America and Leeba Salon.
38 Chauncy Street recently underwent significant capital improvements with several million invested in base building enhancements to the heating and cooling systems, elevators and lobby. 38 Chauncy Street has an ornate historical façade and open floor plates that are ideally suited for the collaborative and creative nature of today’s “new-economy” tenants.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.