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Synergy Gets $3M Acquisition Financing

CAMBRIDGE, MA-Synergy receivesd the financing to fund the $21-million purchase of an 87%-occupied office building here.

By Beverly Ford | Updated on January 31, 2007

(To read more on the debt and equity markets, click here.)

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.

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