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$175 Million Refi; ‘Tis the Season

$175 Million Refi; ‘Tis the Season
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...
$175 Million Refi; ‘Tis the Season
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.
WASHINGTON DC 05.08.2017

MONTGOMERY COUNTY STATE OF THE MARKET

Featuring an Interview of Marriott CEO Arne Sorenson

Arne Sorenson
Marriott International
Mike Gill
The State of Maryland
Barry Glassman
Glassman Wealth Services