WESTBOROUGH, MA-The Boston office of Holliday Fenoglio Fowler LP arranged a$33 million acquisition financing for the four-building, 372,679-sf Westborough Office Park.
The team of Riaz Cassum and Coleman Benedict worked on behalf of the borrower, Windsor Realty Fund-IV, to secure the fixed rate, non-recourse loan through Nationwide Life Insurance Company. Windsor Realty Fund-IV is a co-investment joint venture between General Investment & Development, Spaulding & Slye and a corporate pension fund.
“Despite difficult market conditions, we were able to solicit strong interest from the lending community primarily due to the quality of the real estate and the strength of the sponsorship,” says Cassum, a senior managingdirector in the Boston office.
The park is located at 1700, 1800, 1900 and 2000 West Park Dr. in the Route 495/90 corridor. The park, which was completed in 1987, features a conference facility and more than 1,300 parking spaces. The property covers approximately 45 acres and is occupied by tenants such as Arch Communications, NuGenesis Technologies, ADC Broadband, Virtusa Corp. and Chubb Corp.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
