Medical Buildings Secure $52M in Financing

BROOKLINE, MA-Financing in the amount of $51.5 million was secured for two medical office buildings located at 830 and 850 Boylston St. The Boston office of Holliday Fenoglio Fowler LP arranged the loan. Senior managing director Riaz Cassum and senior real estate analyst Greg LaBine worked on behalf of 830 Ventures LLC and 850 Ventures LP, both affiliates of the Davis Cos., to put together the financings.

“The construction/permanent loan feature allows Davis to take advantage of today’s low interest rates, while allowing the flexibility to enhance the value of these properties by creating additional parking to meet tenant needs,” says Cassum. “HFF was able to match different lenders with the appropriate loan structure to obtain the best possible combined financing for the client.”

The $42.6 million fixed-rate, construction/permanent loan secured for 850 Boylston St. and a new to-be-built parking garage, was placed with Cigna Investments Inc. The permanent portion of the loan was funded at closing, and the construction portion will be funded over time to pay for the cost of the new parking garage. The five-story, medical office building was built in 1969 and renovated in 1989. The property features an atrium lobby, central courtyard and full-service cafeteria. Brigham and Women’s Hospital currently occupies 90% of the building.