H.N. Gorin and Artemis Real Estate Partners have refinanced 101 Merrimac St., a 10-story, 159,273-square-foot Class A office building in Boston, with a $64.6 million floating-rate loan provided by Societe Generale in its first transaction in the Greater Boston market.
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JLL Capital Markets secured the loan. The team representing the buyer includes Managing Director Greg LaBine and Senior Director Porter Terry. The deal was secured by HFF prior to being acquired by JLL in July. While previously working at HFF, LaBine was part of the team that secured a $25 million loan in August 2009 from Unum Group for H.N. Gorin to refinance the existing first mortgage on 101 Merrimac St.
LaBine noted in a prepared statement the competitive terms and flexible loan structure will allow the partnership of H.N. Gorin and Artemis to continue to maximize the value of the property. Terry added that the partnership saw the potential of the North Station location early on and were pleased JLL was able to secure a sponsor that shared their vision for the property.
101 Merrimac is at the nexus of Boston’s Financial District, West End, North End and Beacon Hill. It is within minutes of North Station and Massachusetts General Hospital, as well as the soon-to-be completed Hub on Causeway and Bullfinch Crossing developments, which are expected to transform the immediate area. The property was built in 1989 and renovated in 2009. It features a six-story atrium with a central water fountain, multiple roof decks, efficient floorplans, a 55-space parking garage and Au Bon Pain Café Bakery. The building also has a Transit Score of 100 and a Walk Score of 98.
101 Merrimac is 97 percent leased to eight tenants including long-term occupancy by MGH, Partners Healthcare and Massachusetts General Physicians Organization. H.N. Gorin also has offices there, along with several law firms: Martin, Magnuson McCarthy & Kenney; Gilman, McLaughlin & Hanrahan and Sugarman Rogers. Home Base, a Red Sox foundation and MGH program that provides clinical care for veterans, service members and their families is also located at 101 Merrimac St.
H.N. Gorin is a real estate investment and development company that has been located in the Boston area for more than 100 years and is involved in acquisition, development, management and ownership of commercial, multifamily, industrial and retail real estate. Artemis Real Estate Partners is a majority women-owned investment manager based in Washington, D.C., with offices in New York City, Atlanta and Los Angeles. Artemis has raised approximately $4.6 billion of capital across core, core-plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the U.S., with a focus on multifamily, office, industrial, retail, hospitality, senior housing and medical office. In June, Artemis formed a joint venture with Olive Hill Group to recapitalize 520 Broadway, an 112,756-square-foot office building in Santa Monica, Calif., that had been owned and operated by Olive Hill since 2017.