2003 Transactions
Tremont Arranges $5,300,000
Permanent Loan for Cambridge Office Building
The
Boston office of Tremont Realty Capital, arranged permanent
financing for the historic Bulfinch Square office complex
located at 43-47 Thorndike Street in Cambridge, MA. The
property is comprised of 66,000 square feet of multi-tenant
office space and is occupied by fourteen different tenants.
David Ross, a Managing Director with Tremont,
arranged the non-recourse, $5,300,000 permanent loan with
a Wall Street conduit lender. Given Tremont's volume with
the lender, it was able to structure the loan to accommodate
some unique issues relating to the long-term ground lease
as well as the present softness in the Cambridge office
market. The five-year loan closed with a 5.68% fixed interest
rate. According to David Ross, "The borrower, Bulfinch
Square Limited Partnership, has created a truly unique office
complex in East Cambridge that provides its occupants with
beautifully restored historical surroundings in a well-landscaped
campus-like environment. The attractiveness of the property
and its proximity to the directly adjacent Cambridge Courthouse
and Cambridge Registry of Deeds has contributed to the property's
historically high occupancy rates, even during economic
downturns and periods of weakness for other Cambridge office
properties".
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
