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BREAKING NEWS – Radisson $75M Refi

BREAKING NEWS – Radisson $75M Refi
Northwood Investors has secured a $75M refi of senior debt for the Radisson Boston Hotel in the Theater District, it was announced today.
BREAKING NEWS – Radisson $75M Refi
The four-year adjustable-to-fixed-rate loan through Wells Fargo Bank was used to fund the acquisition and will go toward the future renovation of the 358-room hotel into an independent property. The Miami and Boston offices of HFF arranged the deal with Daniel Peek and Riaz Cassum at the table for Northwood. Built in ?72, the 23-story full-service hotel features a 260-seat bistro and bar, a 120-seat caf , 20k SF of meeting space, the 490-seat Stuart Street Playhouse and an 8,000 SF auditorium.LeasingWilmerHale signed a 20-year renewal on 272k SF at 60 State St, the Financial District tower it's occupied since it was built in ?77.Equity Office, the landlord, will invest about $12M in improvements. The law firm was repped by RBJ&P?s Michael Joyce, John Barry, and Thomas Ashe. Equity Office was repped by Collier Meredith & Grew's Ron Perry and Andrew Maher.

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Andover-based Quiet Logistics and online retailer the Gilt Groupe have leased 302.5k SF of warehouse distribution space at 3208 Blue Lick Rd in Louisville, Ky. The tenants were repped by McCall & Almy. Quiet Logistics uses Kiva robotics warehousing systems for material handling.

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Wolf & Co, CPAs and business consultants, signed a new 30k SF lease at 99 High St. in the Financial District. The 730k SF office and retail tower owned by TIAA-CREF recently received the BOMA of Boston Office Building of the Year Renovated Building Award. Jones Lang LaSalle's Bill Barrack and Ben Heller repped TIAA-CREF. McCall & Almy?s Mary Lentz and Garrett Larivee represented Wolf. JLL is the exclusive leasing agent, construction manager, and property management agent for 99 High.

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Firely?s new lease of 1,980 SF at One Kendall Square may not sound big but makes 106k SF that nine life science companies have leased in the nine-building complex owned by a JV of The Beal Cos and Rockwood Capital this year. Another new lease was inked by Foundation Medicine for 22k SF. Other leases include renewals and expansions. FHO Partners' Asset Advisory Group repped the landlord.

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BREAKING NEWS – Radisson $75M Refi
Engineering/design firm Fay, Spofford & Thorndike restructured its 51k SF HQ lease at 5 Burlington Woods in Burlington (above) to take advantage of favorable market conditions. CresaPartners'David Ross, Matt Harvey, and Joe Sciolla repped for the tenant. Jones Lang LaSalle's Tamie Thompson and Dan Kollar were at the table for the landlord, ELV Associates.
***Susquehanna International Group renewed its 7,546 SF lease on the 20th floor of One Boston Place in the Financial District. Thompson Hennessey?s Stephen Lombardi and John Hennessey repped the tenant. CBRE's Christopher Cuddy and Lauren Phelan Lipscomb were there for the landlord, TIAA-CREF.Sale

Harborview Towers, a 144-unit affordable apartment community in New Bedford was sold for $7.5M by The Simon Cos to Omni America. Cushman & Wakefield Capital Markets Group's Simon Butler and Biria St. John repped the seller and found the buyer. The two-building '70s-era complex is a few blocks from downtown and near I-195.

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Rice Eventide Home last week closed on the purchase of 9.4 acres from LNR in SouthField Highlands at the former South Weymouth Naval Air Station that straddles Abbington, Weymouth, and Rockland. It hired Rogerson Communities to build an approximately $45M seniors housing complex with 192 independent units and a 46-bed nursing home.

Construction

Construction got underway on a $2.5M new HQ for Maltz Sales at 67 Green St in Foxborough on Friday. Parsons Commercial Gp's Matthew Morgan repped Maltz and Parson?s Arlon Brown repped the seller Jack Gamache, president of Construction Planners, which will design and build the new 30k SF building to be completed 1Q ?11.

Assignments

Campanelli Cos. has been selected to design and build a 141.5 SF office and cold storage warehouse facility for Preferred Freezer Services off Bayway Avenue South in Linden, NJ.

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BREAKING NEWS – Radisson $75M Refi
CBRE has been chosen by Swiss-based landlord Sunbo as the exclusive leasing agent for 46 Lizotte Dr, a three-story, 61k SF Class A office building in Marlborough in the Lake Williams Corporate Center. Dallas-based RM Realty Group manages the property. The CBRE leasing team is: Chris Tosti, Rob Walles, Bob McGuire, and Alison Powers.
***Education Development Center will move into a new 120k SF HQ in Waltham and has chosen Commodore Builders for the build out in CenterPoint, a 23-acre, 500k SF office/lab/R&D park, a mile from EDC?s current location. Pre-construction work has begun on the EDC section of the building owned by TC Saracen LLC, a JV of Saracen Properties and Trammell Crow Company Acquisition Funds. EDC plans a November ?11 move in.
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