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Dealmaker: HFF Secures $74M for Office Properties
Holliday Fenoglio Fowler, Houston, secured $74 million in financing for two Class A office properties in Charlotte, N.C. and Cambridge, Mass.
Working on behalf of Lincoln Property Co. affiliate LPC Realty Advisors I LP, HFF secured a $44 million floating-rate loan through MetLife Investment Management for 121 West Trade Street, a 32-story, 330,500-square-foot building in Charlotte. LPC Realty Advisors used initial proceeds of $36.1 million for post-close acquisition financing and will use the remainder for future capital costs.
Tenants in 121 West Trade Street include Chicago Bridge & Iron, law firm Caudle & Spears and investment banking firm Brookwood Assocs. The Charlotte City Club occupies the top two levels.
HFF Senior Managing Directors Travis Anderson and Susan Hill and Associate Director Cory Fowler represented LPC Realty Advisors. HFF Senior Managing Director Ryan Clutter brokered the property’s sale in December 2015.
In Massachusetts, HFF arranged $30 million to refinance 134,500-square-foot multi-tenant office building 10 Fawcett Street. The firm worked on behalf of borrowers Griffith Properties and Artemis Real Estate Partners to secure the three-year floating-rate loan through Eastern Bank.
Located less than a mile from the Alewife public transit station, 10 Fawcett Street was renovated in 2011. The six-story property is fully leased to tenants including General Services Administration and Raytheon.
HFF Managing Director Greg LaBine and Director Porter Terry secured the financing. Labine said the building’s former lead tenant Cambridge Trust recently vacated, so Griffith and Artemis found several short-term tenants for the vacated space and signed a lease with international consulting firm Abt Assocs. to occupy the space for its regional headquarters starting in April 2018.
“Griffith and Artemis were able to add tremendous value to the property with the signing of the Abt lease and others,” Labine said.”Eastern recognized this value and provided an attractive opportunity to recapitalize the project.”