BOSTON– JLL announced that it has arranged a $64.6 million refinancing for 101 Merrimac Street, a 10-story, Class A office building totaling 159,273 square feet in Boston’s North Station neighborhood.
JLL worked on behalf of the borrower, a partnership between H.N. Gorin and Artemis Real Estate Partners, to secure a floating-rate loan through Societe Generale. The loan represents Societe Generale’s initial transaction in the Greater Boston market.
101 Merrimac has an exceptional location at the nexus of the Financial District, West End, North End and Beacon Hill. The property boasts a Transit Score® of 100 and a Walk Score® of 98 and is within minutes of North Station and Massachusetts General Hospital (MGH) as well as the soon-to-be-delivered Hub on Causeway and Bulfinch Crossing developments, which are poised to transform the immediate area. Renovated in 2009, the Class A building features a six-story dramatic atrium with a central water fountain, multiple roof decks, efficient floor plans, a 55-space parking garage and an Au Bon Pain Café Bakery. 101 Merrimac is 97% leased to 8 tenants including long-term occupancy by MGH, Partners Healthcare and Massachusetts General Physicians Organization.
The JLL Capital Markets team representing the borrower includes Managing Director Greg LaBine and Senior Director Porter Terry.
“Societe Generale worked closely with the JLL team to provide both competitive terms and a flexible loan structure, thereby allowing our client to continue to maximize value at the property,” LaBine said.
“H.N. Gorin and Artemis were early to see the upside potential of the North Station location and JLL was pleased to be able to work with them to secure a like-minded lender to work with the sponsor as they continue to move forward with their vision,” Terry added.
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.