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Genworth Loans $10M for Davis Sq. Asset

SOMERVILLE, MA-The 25-year note is backed by a 49,000-sf office/retail building constructed by Krisco Development.

By Joe Clements | Updated on March 04, 2008

SOMERVILLE, MA-A recently built commercial property in this inner suburb of Boston has received $10 million in financing through Genworth Life Insurance Co. The loan was secured on behalf of Krisco Development for the firm’s One Davis Sq., a three-story, 49,000-sf office/retail building located near Tufts University.

Arranged via the Boston office of Goedecke & Co. LLC, the loan was “a unique transaction,” according to Goedecke principal Shawn Herlihy. “Not only did the borrower need a 25-year term, but also a 24-month forward commitment,” explains Herlihy, who secured the financing with Goedecke principal Christine Morrell.

One Davis Sq. recently came on line at the gateway to Somerville’s primary business district. The first floor retail is occupied by a CVS Drugstore, while there is a Boston Sports Club on the second floor and 12,000 sf of office on the top level. The Davis Square MBTA Red Line subway is directly across from the property. “It’s a fantastic building,” Herlihy tells GlobeSt.com, explaining that Krisco founder Kristopher Ogonowsky demolished an older structure on the site to make way for One Davis Sq. The CVS opened earlier this year, followed by the Boston Sports Clubs facility in February. Richards Barry Joyce & Partners is marketing the office portion.

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