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CAMBRIDGE, MA-The buyer of a 130,304-sf, six-story, class A office building at 10 Fawcett St. has received a $3-million mezzanine loan to help pay for the acquisition of the property. As reported by GlobeSt.com, the 87% leased Cambridge asset was acquired earlier this month by the Boston-based real estate investment and development firm Synergy for $21.1 million. New Boston Fund Inc. which owned the property for 10 years, was the seller in the transaction.
Tremont Realty Capital arranged the financing through Tremont-GRE Funding LLC. Dennis Walsh, a senior director with the Boston office of Tremont, tells GlobeSt.com that the 36-month, non-recourse loan was the first financing Tremont has arranged for the buyer. The loan provided for about 90% loan-to-value financing for the property.
"It was a very good building, a good price point and a very good rent roll," he says. "It was right over the plate for what our client was looking to do."
The property, the first acquisition this year for Synergy, is occupied by tenants that include Cambridge Trust and Block Financial.
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