NEEDHAM, MA– Fantini & Gorga has arranged for the refinancing of The Berkeley Building, an award winning, multi-tenant office/retail property located at 420 Boylston Street in Boston, MA.
Situated across from the Arlington Green Line T Station on the corner of Berkeley and Boylston Street, the historic property is surrounded by shops, restaurants, hotels, and other amenities.
The $13,000,000 loan is a ten-year fixed rate non-recourse loan was arranged by Wayne Clough and Colin Monahan. In addition to paying off the existing loan, the proceeds included additional funds to cover capital improvements to the property. The loan was placed with Lincoln Financial Group, one of Fantini and Gorga’s correspondent life company lenders. Built in 1906 and meticulously maintained by Perry Management, the “Crowned Jewel of the Back Bay” was the first building in Boston to be honored with all three of BOMA’s Office Building of the Year awards.
The building features first-class services including 24/7 lobby security, bike storage in the basement, locker facilities with showers, a shared conference room, and an energy management system. Additionally, the Property features oversized windows that provide an abundance of natural light.
The sponsor, A.W. Perry, Inc., is a privately held, full service real estate firm headquartered in Boston, MA with a significant portfolio of commercial, industrial, and retail properties in the downtown Boston and Boston’s South Shore markets. They have been active in the industry for over 130 years. The company also has residential development experience and is currently pursing joint venture activities in the Boston area.
Despite the recent downturn in the office market resulting from the Covid Pandemic, The Berkeley Building has maintained strong occupancy and current leasing activity is very favorable. Fantini & Gorga (www.fantinigorga.com) is one of New England’s leading mortgage banking firms.
