$175 Million Refi; ‘Tis the Season
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|It's that time of year when the shy CRE community (well, maybe that's an exaggeration) gets to loosen up, so we visited multiple holiday parties. But first: Some breaking news...|
|This morning, a JV of The Beal Cos and Rockwood Capital announced it's secured a $175M refi for One Kendall Square in Cambridge. Beal?s head of asset management, Stephen Faber says the financing ?reflects acceptance of the complex by financial markets and tenants? (94% of its 335k SF of labs are leased). The floating-rate mortgage loan was provided by KBS Real Estate Investment Trust II with Cushman & Wakefield Sonnenblick Goldman as JV adviser. One Kendall Square, in the heart of the city's hot life-science cluster, is a nine-building, 676k SF campus of offices, labs, retail, restaurants, cinema, and 1,500-car garage, walking distance from MIT. It was redeveloped from the 95-year-old Boston Woven Hose Factory where fire hose was invented to replace water buckets. Still a home for innovation, it's housed growth companies like Genzyme, Millennium Pharmaceuticals, and Repligen.|