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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges $13.0 Million Stapled Financing for Synergy in its Acquisition of 200 Newport Avenue in Quincy, Massachusetts |
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Wednesday, May 18, 2011
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Boston, Massachusetts
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Cushman & Wakefield Sonnenblick Goldman (CWSG), serving as the advisor to Synergy Investment & Development LLC, has arranged a five-year, fixed rate $13.0 million mortgage in support of Synergy’s $25.0 million acquisition of 200 Newport Avenue in Quincy, Massachusetts from ING Clarion Partners. The loan was provided by Principal Global Investors through its subsidiary Principal Life Insurance Company.
Located just six miles south of Boston and situated directly at the North Quincy MBTA Red Line station, 200 Newport Avenue is leased in its entirety to State Street Corporation on a long term net basis. The property is a premier, institutional office asset in the south suburban Boston marketplace.
The CWSG team, which included Executive Vice President and Principal Richard Swartz and Senior Director Jay Wagner, marketed the stapled financing in a coordinated effort with the sales process that was led by Cushman & Wakefield’s President, New England Area Robert Griffin, Executive Vice President Edward Maher and Executive Director David Pergola. “Having the pre-arranged financing was very helpful to our sales process,” noted Griffin.
Wagner added. “Principal’s responsiveness during the bidding process was essential to obtaining the most efficient mix of pricing and structure and allowed CWSG to achieve a great financing for our client.”
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About Synergy Investment and Development - Synergy is a Boston-based real estate investment and development firm focused on the acquisition and operation of office, retail, and residential assets, and their associated debt. The firm’s specific capabilities include acquisition, debt placement, asset management, property management, permitting, and construction management. Known for its consistently superior performance, Synergy has had a particularly strong record of success on behalf of their foreign equity partners. To date, the firm has completed over $500 million in acquisitions. Synergy’s current portfolio encompasses over 1.4 million square feet across 17 properties in metropolitan Boston. The firm provides space to over 150 companies, and has, since its 2004 founding, maintained an average portfolio occupancy of greater than 95%. Synergy’s reputation for active management and consistent execution contributed to its being named CBA Landlord of the Year 2010. For more information on Synergy please visit: www.synergyboston.com |
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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