A local bank provided the loan, as a 20-year 70% loan-to-value with a 5.75% interest rate. "The owners had just completed the addition of a free-standing, 8,000-square-foot daycare center at the property ," says David Ross, managing director of Tremont in a statement. "They had financed the new improvement out of pocket and were looking foa new permanent loan to refinance the existing loan, in order to recoup some of their recent investment into the daycare center. While the daycare center was a start-up, the location was terrific and the office history and rent roll were compelling."

The property is moments away from Routes 95 and 3 in the West 128 submarket and "above 90% leased," according to Ross. He points out that the property "leased well historically" and there were good positive indicators for the region, such as hotels and hospitality, as well as a growing residential area, which is good for the newly opened day care center. He also noted that Middlesex Turnpike is currently in the process of being widened, which will increase traffic-flow to the area. Tremont did not provide the lease rates for the property, but Cushman & Wakefield's Q1 market report put the average asking price of suburban office space in this submarket at $32.42.