BOSTON– JLL Capital Markets announced that is has arranged $3.6 million in acquisition financing for 1429 Beacon St., a 7,955-square-foot, fully leased, multi-tenant retail building in the Boston-area community of Brookline, MA
JLL worked on behalf of the borrower, Boston-based Eden Properties, to place the 10-year, fixed-rate, non-recourse loan with Eastern Bank.
The one-story 1429 Beacon St. was completed in 1922 and has been updated throughout its almost century-long history. The one-story building has a basement level and is home to three tenants: East Boston Savings Bank, Brookline Ballet School and the School is Cool daycare. Situated on 0.16 acres, the property occupies the corner of Marion Street and Beacon Street, one of the main thoroughfares in Brookline. 1429 Beacon St. is adjacent to the Summit Avenue stop on the MBTA’s Green Line C Branch, which provides direct access to downtown Boston 3.5 miles away via Park Street and North Station, two of Boston’s major mass-transit hubs. The property location is surrounded by a large, affluent residential base with nearly one million residents within a five-mile radius earning an average annual household income of more than $124,000.
The Capital Markets debt placement team representing the borrower was led by Managing Director Greg LaBine and Director Martha Nay.
“It’s easy to understand why Eden was drawn to this retail asset, given its irreplaceable location on Beacon Street in Brookline’s Coolidge Corner,” Nay said. “The sponsor’s vision for the asset and reputation helped JLL to secure superior financing terms from Eastern Bank.”