Redgate, Optimum Asset Management and AEW Capital Management secured $82.2 million in financing for a 166,000 square foot Class A office asset at 14 Oak Park Drive in Bedford, MA. The property is being repositioned for lab and life science uses.
Cushman & Wakefield's Boston Equity, Debt & Structured Finance team of Tom Sullivan and Ross Fishman represented the new owner in the procurement of acquisition and redevelopment financing
The loan was provided by Ares.
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"14 Oak Park Drive's elite sponsorship and ideal location in a top-rated life science cluster makes it well-positioned to capitalize on the current market's demand for lab and life science space," said Sullivan.
The property is located less than five minutes from Route 3 providing access to the surrounding neighborhoods. The District, 3rd Avenue and Burlington Mall are all located within a 15-minute drive of the property, providing tenants with an array of retail, dining and entertainment options.
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