HFF Arranges $26.7M Financing for Two Office Buildings in Suburban Boston
BOSTON, MA – DRAFT – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged $26.7 million in financing for One and Two Adams Place, two office buildings totaling 230,259 square feet on the Braintree/Quincy line in suburban Boston, Massachusetts.
HFF worked on behalf of the borrower, Campanelli and TriGate Capital, LLC, to secure the acquisition financing through Eastern Bank.
One and Two Adams Place are adjacent office buildings that share a parking lot at 859 Willard Street in Quincy and 19-23 Granite Street in Braintree. The properties are positioned at the intersection of Interstate 93 and Route 3 (“the Braintree Split”) approximately 10 miles south of Boston with convenient access to Boston’s southern and western suburbs. Additionally, One and Two Adams Place is close to the Quincy Center MBTA stop, which is serviced by the MBTA’s subway Red Line with service to downtown Boston and Cambridge as well as three commuter rail lines. One Adams Place comprises 123,840 square feet within a five-story building while Two Adams Place consists of four stories totaling 106,419 square feet. Overall, the properties are home to 22 tenants and are 83% leased.
The HFF debt placement team representing the borrower was led by managing director Greg LaBine and director Martha Nay.
“Given the acquisition nature of the deal certainty of execution was particularly sensitive on this transaction,” Nay said. “The proven track record of the Campanelli/TriGate team executing successful value add office programs, particularly in this Route 128 South market, allowed Eastern Bank to get very comfortable with the business plan. The smooth execution by all sides resulted in a highly successful transaction.”
Established in 1947, Campanelli is a third generation, full-service commercial real estate development and acquisition company with extensive experience in the industrial, office, medical office, warehouse/distribution, retail, multi-family, educational and cold storage markets. Campanelli began building homes during WWII and transitioned from residential to commercial real estate in the 1960’s. The team, known for their seamless ability to work with their clients and act as the “real estate division” of a company, has developed 14 business parks in Massachusetts, over 22 million square feet across the nation and provided international development consulting and site selection services. The company’s signature capabilities include land development, design and build, redevelopment and value-added acquisitions. It is Campanelli’s all-encompassing and quality services that have led to its successful track record as a highly-regarded developer; from site selection, feasibility analysis, local, state and federal permitting, to architectural and engineering design, building construction and facilities and property management. For more information, visit Campanelli.com.
About TriGate Capital, LLC
TriGate Capital, LLC (“TriGate”) is a market leading real estate private equity firm focused on recapitalizing and repositioning real estate assets and companies. TriGate: i) acquires real estate assets that are in need of capital or management focus; ii) provides capital for the recapitalization of commercial real estate assets and companies; iii) acquires non-performing commercial real estate loans; and iv) capitalizes platforms with quality operators that are focused on a specific investment strategy. TriGate has purchased over 13 million square feet of properties and has approximately $1.3 billion of capital under management. The firm manages three fully discretionary real estate funds; Funds I and II are fully invested and Fund III is presently in its investment period with a significant amount of capital available for new investment.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
GREG LABINE, HFF Managing Director, (617) 338-0990, firstname.lastname@example.org
MARTHA NAY, HFF Director, (617) 338-0990, email@example.com
KRISTEN MURPHY, HFF Director, Public Relations, (617) 338-0990, firstname.lastname@example.org