Henderson

Allstate's loan covers three assets in the complex, including a 101,000-sf office building, 68,000 sf of retail space and a 950-vehicle garage. University Park encompasses more than 2.3 million sf of office and research space, as well as a hotel, residential development and supermarket. It has emerged as the gateway to Cambridge's Central Square.

The loan signifies confidence in the asset itself, says Henderson, as well as the surrounding area. "Right now, Boston and Cambridge are very strong," he says, while Allstate has a long relationship with Forest City that further supported the lender's interest in the project. The loan for a portion of the complex reflects a number of ownership entities created during University Park's construction, explains Henderson. The piece backed by Allstate's loan includes a five-story office building at 350 Massachusetts Ave.; the seven-story parking garage at 55 Franklin St.; and two lower levels of 20 Sidney St., a combination of retail and hotel that was split into a condominium by the ownership, with the hotel previously sold to another entity.

Familiarity with all four "food groups" in the commercial real estate chain enabled Allstate to handle the University Park loan, which was brought to the firm by Chris Blechschmidt of Capmark Finance. Allstate has emerged as a significant player in the Massachusetts lending community since launching its regional office in 2006, and Henderson says he is encouraged by the current activity despite a slowdown in acquisitions and development. "The deal flow has been steady," he tells GlobeSt.com, fueled partly by limited sales transactions and refinancing opportunities. The commercial mortgage team is also increasingly relied on by borrowers due to the upheaval in the conduit arena, Henderson concurs, as both banks and insurers have bolstered their position since the debt market woes began in mid-summer 2007.