BOSTON – Holliday Fenoglio Fowler, L.P. (HFF) announced $30 million in financing for Blanchard Woods, a three-property office portfolio totaling 194,421 square feet in the suburban Boston community of Burlington, MA.
The HFF team worked on behalf of the borrower, Duffy Properties, to secure the 11-year, fixed-rate permanent loan through Nationwide Life Insurance Company.
Blanchard Woods comprises 76, 78 and 80 Blanchard Road, which are strategically located on 8.26 acres directly abutting Route 128/Interstate 95 approximately 13 miles north of Boston. The property benefits from its location in the Route 128 North office submarket of greater Boston and more specifically, Burlington, which has a strong and growing amenity base, proximity and easy access to Boston’s downtown and suburban employment centers and is home to recent developments such as the 3rd Avenue lifestyle center, The District and Wayside Commons.
The three Class A office buildings were renovated or completed between 2011 and 2014 and feature a cafeteria and two fitness centers. Collectively, Blanchard Woods is 91 percent leased to 19 tenants, including anchor tenant Cambridge Trust.
The HFF debt placement team representing the borrower included senior director Porter Terry and director Martha Nay.
“Our client developed a best-in-class asset with a goal of holding it long-term for their own account,” Terry said. “Working with Nationwide, HFF was able to provide a long-term, fixed-rate financing option with compelling terms that helped them realize this goal.”
Duffy Properties is a privately held, fully integrated real estate firm based in Waltham, Massachusetts. The firm has experience owning and developing more than two million square feet of commercial and residential properties in suburban Boston.
For over fifty years, Duffy Properties has combined a deep market knowledge, strategic vision and financial strength to execute deals, forge lasting relationships, and build projects to better the communities where they work. Their portfolio includes retail centers, multi-family and office assets.