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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 10.19.2017

THE FAIRFAX COUNTY STATE OF THE MARKET

Development Pipeline and Current Projects

Katherine Bonnafé
Combined Properties
Greg Trimmer
JBG SMITH
Alex Nyhan
First Washington Realty
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