BOSTON – Holliday Fenoglio Fowler, L.P. announced that it has arranged a $30.39 million refinancing for 10 Fawcett Street, a 134,561-square-foot, multi-tenant office building in Cambridge, MA.
HFF worked on behalf of the borrower, Griffith Properties (Griffith) and Artemis Real Estate Partners (Artemis), to secure the three-year, floating-rate loan through Eastern Bank (Eastern).
10 Fawcett Street is located in the Alewife area of Cambridge, less than one mile from the Alewife MBTA station, providing Red Line subway service into downtown Boston and points in Cambridge. The property is proximate to Route 2 and Interstate 90, providing connectivity to the suburbs of Boston as well as downtown. Most recently renovated in 2011, the six-story property is fully leased to tenants including General Services Administration, Raytheon BBN Technologies and Accion International. The building’s former lead tenant Cambridge Trust recently vacated. Working proactively, the borrower has signed several short term leases for the vacated space, and signed a lease with international consulting firm, Abt Associates, who will occupy this space and more for their regional headquarters starting in April 2018.
The HFF debt placement team representing the borrower was led by managing director Greg LaBine and director Porter Terry.
“Griffith and Artemis were able to add tremendous value to the property with the signing of the Abt lease and others. Eastern recognized this value and provided an attractive opportunity to recapitalize the project,” said Labine.