BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged a $60.67 million construction loan for the development of LINX, a 185,595-square-foot, speculative office development in Watertown, MA.
HFF worked on behalf of the borrower, Boylston Properties, to secure the three-year, floating-rate loan through Cornerstone Real Estate Advisers, acting on behalf of an institutional client.
The current single-story, 93,000-square-foot industrial building began its transformation into LINX, a Watertown, Massachusetts creative office building, in October 2015. Upon completion, which is slated for early 2017, LINX will offer tenants Class A, innovative office space boasting a dramatic, two-story atrium, 14’ and 30’ ceiling clearances in office space, LEED-certification, and a private shuttle bus to Harvard Square, among other highly desirable amenities that simply cannot be achieved within the four walls of existing office product.
LINX will be purpose-built creative space, flexible and functional, designed to meet the requirements of today’s office tenants. LINX’s location at 490 Arsenal Way is located just off of Arsenal Street, a corridor of Watertown that has been the focal point of activity with both under construction and proposed developments attracting top tenants, such as athenahealth, to the area. The 10-acre site is just four miles west of Boston, close to Harvard Business School, Cambridge’s Kendall Square, Harvard Square and Alewife. This prime location allows LINX to offer prospective tenants a better “inner urban” location than the vibrant, but suburban, office and tech communities of central 128.
The HFF debt placement team representing Boylston Properties was led by senior managing director Frederic Wittmann.
Boylston Properties has been active in investment and development in the Watertown market for the past 15 years; most recently acquiring 570 Arsenal Street and developing a 150-room Marriott Residence Inn on the site, and the redevelopment of The Arsenal Project, in addition to LINX.
“The Arsenal Street corridor in Watertown is a viable alternative for the oversaturated Kendall Square office market, the extremely congested West Cambridge/Alewife market and the suburban markets of central 128,” said Wittmann. “With proximity, pricing and a new purpose-built, highly efficient building, LINX will be extremely attractive to new and existing tenants.”
Boylston Properties is an urban mixed-use developer based in Boston, with more than 30 years of experience in a wide range of successful projects including corporate office headquarters, retail, multi-family residential, mixed-use properties and hotels.