Dealmaker: Transwestern Secures $78M in Mass.

Transwestern, Houston, arranged two financing transactions totaling $78 million in Massachusetts on behalf of NB Development Group LLC and NorthBridge CRE Advisors LLC.

“The current economic environment is very dynamic, complicating equity placement and structured financing activities,” said Transwestern RBJ Partner Chris Skeffington, noting that both financing projects benefited from involving strong, stable assets.

Transwestern RBJ arranged 10-year debt from Wells Fargo for NB Development Group to refinance 15 and 20 Guest St. in Brighton, Mass. The two buildings total 359,000 square feet of office, flex and retail space as part of Boston Landing, a 1.76-million-square-foot mixed-use development that includes New Balance Athletic Shoes’ new corporate headquarters.

Skeffington and Transwestern RBJ Partners Steve Purpura and Chris McCauley as well as Vice President Andrew Stone worked with NB Development Group Managing Director Jim Halliday and New Balance Treasurer Kevin Doyle.

“The refinancing of 15 and 20 Guest St. gives us greater flexibility to focus our resources on the larger Boston Landing development,” Halliday said.

Transwestern RBJ also placed a 10-year acquisition loan with Blue Hills Bank, Hyde Park, Mass., that allowed NorthBridge CRE Advisors to purchase a two-building portfolio at 68 – 78 Elm St. in Hopkinton, Mass. Skeffington, Stone and Vice President Roy Sandeman arranged the financing, working with NorthBridge Principals Dean Atkins and Greg Lauze.

In Woodstock, Ga., Transwestern Vice President Fred Victor and Managing Director Kevin Markwordt represented the private seller when PMAT Cos., New Orleans, La., purchased East Cherokee Village Shoppes, a 129,000-square-foot shopping center. The Publix-anchored center 30 miles north of Atlanta traded for $13 million, or $101 per square foot.

“The substantial value-add potential of this property combined with strong anchor performance resulted in significant investor interest,” Victor said. “The sales price reflects the continued strength of well-located, high-performing, grocery-anchored assets.”