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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $65 Million Senior and
Mezzanine Financing For Boston Research Center
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Friday, March 23, 2007
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New York, NY
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Sonnenblick Goldman announced today it has arranged the $65 million senior and mezzanine financing of the Ledgemont Center, a 377,339-square-foot office and research complex comprised of One and Two Ledgemont Center in Lexington, Mass., on behalf of The Beal Companies. Anglo Irish Bank Corporation, plc provided the $55 million debt financing for both buildings, while Angelo Gordon Co. provided the $10 million mezzanine financing for Two Ledgemont Center. “Both lenders highly valued the quality of the campus, the strong market and most important, the sponsorship”, said Steven A. Kohn, president of Sonnenblick-Goldman.
One Ledgemont Center consists of five buildings totaling 178,000 rentable square feet, while Two Ledgemont Center comprises 202,500 rentable square feet. Located on approximately 36 acres at the intersection of Route 2 and I-95, Ledgemont Center offers a wide range of amenities including landscaped grounds, food-and-beverage services, a fitness center, 24-hour security, two parking garages totaling 1,013 parking spaces, and on-site property management. Tenants at Ledgemont Center include VistaPrint USA and Tepha Medical Products.
“Given the tightening conditions in Cambridge, office and research properties in suburban Boston are experiencing strong leasing activity among the biotechnology and life sciences industries,” said Rick Swartz, managing director of Sonnenblick-Goldman. He further stated that “the Ledgemont buildings appeal to both lab tenants and conventional office users.”
Operating since 1888, The Beal Companies is a full-service real estate investment and development firm that is intimately involved in the Greater Boston real estate markets. The Beal Companies is one of the original investors and developers of Life Science properties with over 25 years of experience in that industry. Over the past year The Beal Companies have completed $ 1 Billion of transactions.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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