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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $90 Million
Loan for Watermark in Cambridge, Mass.
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Friday, March 23, 2007
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New York, NY
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Sonnenblick Goldman, serving as the exclusive advisor to a joint venture of Twining Properties and Principal Real Estate Investors, has arranged a $90 million fixed-rated, non-recourse loan for Watermark, a newly-constructed luxury apartment tower in Cambridge, Mass.
The 23-story Watermark, which was completed in May 2006, has dramatic views overlooking the Charles River and is located next door to Genzyme’s corporate headquarters and the MIT campus. The building contains 321 rental apartments, a health club, an outdoor garden, parking and 10,000 square feet of retail space. Watermark is the first apartment building to provide Verizon FIOS internet service to every resident and incorporate original works of art from the Decordova Museum on every floor.
“The superior quality of this development, combined with its exceptional location and sponsorship, resulted in a most attractive financing package,” said Steven A. Kohn, president of Sonnenblick Goldman.
”Furthermore, Watermark is located in Kendall Square, one of Boston’s most exciting new neighborhoods, which is experiencing strong demand and very limited supply,” added Alex Twining, CEO of Twining Properties.
Kendall Square is a 1.3 million-square-foot mixed-use community encompassing residential, biotech labs and offices, four theaters, a skating rink and boat landing. The development is one block from the Kendall/MIT “T” station, and close to shopping and restaurants, as well as office and laboratory buildings.
In April 2006, Sonnenblick Goldman arranged the $180 million acquisition financing of One Kendall Square, a 660,000 square foot biotech, office and retail complex also located within the community. Other recent Boston area transactions arranged by Sonnenblick Goldman include the $64 million debt refinancing of the Ledgemont Center in Lexington, Mass., and the sale/leaseback of 21-29 Great Republic Drive in Gloucester, Mass.
For more information on Watermark, please visit www.watermarkcambridge.com.
Principal Real Estate Investors is the fourth largest real estate investment group in the U.S. The company is a part of Principal Global Investors and Principal Financial Group, Inc., a globally renowned financial services and insurance firm with revenue of $9 billion in 2005.
Twining Properties is a real estate development firm founded in 2002, which focuses on creating urban mixed-use projects proximate to transit nodes in Boston, New York, and Washington, D.C. Headquartered in New York, Twining Properties also has offices in Boston, MA led by local partner Brian Dacey. Further information can be found at www.twiningproperties.com.
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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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