Melody Arranges $58 Million in Acquisition Financing for Seven-Building Office P 

Melody Arranges $58 Million in Acquisition Financing for Seven-Building Office P

Real Estate

BOSTON--The Boston office of CBRE | Melody. the real estate investment banking division of CB Richard Ellis. arranged $58 million in acquisition financing for a seven-building.697-square-foot office portfolio in suburban Boston.
Frank Petz. senior director of CBRE | Melody's Boston office. secured the senior loan financing for the property's new owner/developer. a joint venture between Mack-Cali Realty Corp.. a JP Morgan fund and Gale International. one of the world's largest real estate developers headquartered in New Jersey and with offices in Boston. JP Morgan Chase & Co. (NYSE: JPM). is a New York City-based leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. Mack-Cali is a Florham Park. NJ-based real estate firm that recently agreed to acquire Gale.
Three of the buildings are located in Andover. two are in Billerica. at 3 and 8 Federal St. Six of the buildings.697 were sold by William Callahan. a Bedford-based developer. The seventh building was sold by Berwind Properties.
The venture entity. which plans to invest about $20 million in improvements (capital expenditures. tenant improvements and leasing commissions) into the buildings. lease and provide construction services for the portfolio.
'We worked very closely with the joint venture of Gale. JP Morgan and Mack-Cali to find the most flexible and competitive financing for the acquisition of this office portfolio. which
'Our client was very happy with the final outcome. a high leverage bridge loan that was structured to include additional capital for tenant improvements. leasing commissions and capital costs.'