Monday, March 28, 2011

HFF arranges $35 million refinancing for 50 and 60 Sylvan Road in Waltham, MA

BOSTON, MA – HFF announced today that it has arranged a $35 million refinancing for 50 and 60 Sylvan Road, two office/R&D buildings totaling 200,928 square feet in Waltham, Massachusetts.

HFF worked exclusively on behalf of the borrower, an entity controlled by Davis Marcus Partners and Prudential Real Estate Investors, to secure the fixed-rate loan through PNC Bank.  Loan proceeds were used to replace a maturing loan.

The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Greg LaBine (middle right photo).

“The combination of credit quality, prime location and strong sponsorship made this an attractive loan opportunity for PNC Bank,” said Cassum.  ”The borrower was pleased with the professional execution on the part of PNC Bank.”

50 and 60 Sylvan Road are located within the 54-acre Reservoir Woods East Campus  (top left photo) adjacent to the Cambridge Reservoir, and close to Route 128/Interstate 95, Route 2 and The Massachusetts State Turnpike in Waltham. 

The properties include a two-story office/R&D building with 137,928 square feet, plus a 63,000-square-foot, Class A office building completed in December 2010.  Both buildings are fully leased to Verizon Laboratories.  The tenant has access to a full-service cafeteria, an internal conference center and an on-site credit union. 

Davis Marcus Partners is a venture between The Davis Companies and Marcus Partners.  Its affiliates own and operate a portfolio of real estate in excess of four million square feet valued at more than $1.0 billion.

Prudential Real Estate Investors is the real estate investment management business of Prudential Financial (NYSE: PRU).

Riaz A. Cassum, HFF Senior Managing Director, (617) 338-0990
Gregory F. Labine, HFF Director, (617) 338-0990,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

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