News: Front Section
Posted: January 17, 2020
H.N. Gorin and Artemis complete $64.6m refinancing of 101 Merrimac - JLL secures loan through Societe Generale
Boston, MA JLL has arranged a $64.6 million refinancing for 101 Merrimac St., a 10-story, class A office building totaling 159,273 s/f in the city’s North Station neighborhood.
JLL worked on behalf of the borrower, a partnership between H.N. Gorin and Artemis Real Estate Partners, to secure a floating-rate loan through Societe Generale. The loan represents Societe Generale’s initial transaction in the Greater Boston market.
101 Merrimac is located at the nexus of the Financial District, West End, North End and Beacon Hill. The property boasts a Transit Score of 100 and a Walk Score of 98 and is within minutes of North Station and Massachusetts General Hospital (MGH) as well as the new Hub on Causeway and Bulfinch Crossing developments, which are poised to transform the area. Renovated in 2009, the class A building features a six-story atrium with a central water fountain, multiple roof decks, efficient floor plans, a 55-space parking garage and an Au Bon Pain Café Bakery. 101 Merrimac is 97% leased to eight tenants including long-term occupancy by MGH, Partners Healthcare and Massachusetts General Physicians Organization.
The JLL Capital Markets team representing the borrower includes managing director Greg LaBine and senior director Porter Terry.
“Societe Generale worked closely with the JLL team to provide both competitive terms and a flexible loan structure, thereby allowing our client to continue to maximize value at the property,” LaBine said.
“H.N. Gorin and Artemis were early to see the upside potential of the North Station location and JLL was pleased to be able to work with them to secure a like-minded lender to work with the sponsor as they continue to move forward with their vision,” Terry said.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Quick Hits
Columns and Thought Leadership
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.