BOSTON– JLL Capital Markets announced that it has arranged $43.18 million in acquisition financing for a two-property office portfolio totaling 292,014 square feet in the Boston-area community of Framingham, MA.
JLL worked on behalf of the borrower, a partnership between Campanelli and TriGate Capital, to place seven-year, fixed rate, non-recourse loan with Cambridge Savings Bank. Proceeds will be used to acquire the portfolio and make capital improvements to the properties.
The office portfolio is 90% leased to 32 tenants and comprises 492 Old Connecticut Path and 161 Worcester Road, both in Framingham, which has emerged as the urban center of MetroWest, the eight-community sub-region along the heavily populated Mass Pike-Route 9 Western Suburban corridor.
492 Old Connecticut Path is a 166,101-square-foot, six-story property adjacent to Interstate 90, which is the main east-west thoroughfare with direct access to downtown Boston. The 125,913-square-foot 161 Worcester Road is a six-story office property with a restaurant pad on Worcester Road (Route 9), which connects downtown Boston and the affluent western suburbs. The borrower will invest $2.4 million into capital improvements to the portfolio, focusing mostly on 492 Old Connecticut Path.
The Capital Markets debt placement team representing the borrower was led by Managing Director Greg LaBine and Director Martha Nay.
“Given the acquisition nature of the deal, certainty of execution was particularly sensitive on this transaction,” Nay said. “The proven track record of the Campanelli/TriGate team executing successful value add office programs allowed Cambridge Savings Bank to get very comfortable with the business plan. The smooth execution by all sides resulted in a highly successful transaction.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
