Morgan Stanley Offers $14M in Perm Loan

ASHLAND, MA-A five-building flex/industrial and office complex just off the Massachusetts Turnpike recently received $14.4 million in permanent financing. Located at 240-290 Eliot St., Ledgemere Park is owned by Ledgemere LLC, an affiliate of Parsons Commercial Group of Framingham.

“Because of the high quality and successful history of the property, as well as the strong and experienced ownership, the lender … responded to our request with a favorable loan structure,” Fantini & Gorga managing director Casimir Groblewski says of the financing source, Morgan Stanley Mortgage Capital Holdings. The pact needed to survive the turmoil that hit the debt markets in mid-summer 2007, and Groblewski cites the diligence of all parties involved for accomplishing that feat.

The 15-acre park has been owned by Ledgemere LLC since being acquired for $7.2 million in 2000 from Archon Group. It features 245,000 sf of space in one- and two-story buildings mostly constructed between 1983 and 1986 and extensively renovated during the past five years. Groblewski lists the development’s maintenance, value and location as reasons Morgan Stanley was attracted to the opportunity. Ledgemere Park also has an impressive tenant roster, he says, sporting such strong credit tenants as the Herb Chambers/Foreign Motors West auto dealer and Massachusetts Bay Community College. The complex is situated just off Route 126 and is accessible from Exit 12 of the turnpike.