{"id":1004193173,"date":"2017-10-09T04:10:39","date_gmt":"2017-10-09T12:10:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193173"},"modified":"2022-12-05T00:10:54","modified_gmt":"2022-12-05T08:10:54","slug":"charles-river-aew-land-205m-mixed-use-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/charles-river-aew-land-205m-mixed-use-financing\/","title":{"rendered":"Charles River, AEW Land $205M Mixed-Use Financing"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"The<\/a>

The District Burlington<\/p><\/div>\n

Affiliates of Charles River Realty Investors, National Development and AEW Capital Management have received $205 million in financing for The District Burlington, a 1 million-square-foot, first-class mixed-use park in Burlington, Mass. HFF\u00a0arranged the financing, securing a seven-year, fixed-rate permanent loan through a major institutional life insurance company.<\/p>\n

\u201cYou had a tremendous combination of financial wherewithal and management expertise between AEW and Charles River Realty,\u201d<\/em>\u00a0Greg LaBine, HFF\u2019s managing director, told\u00a0Commercial Property Executive<\/em>.\u00a0\u201cWhat they already created, and having already done all of the base-building improvements to this asset, it\u2019s an asset in the suburbs that\u2019s unmatched in terms of amenities and walkability. It\u2019s creating a suburban environment in an urban park, and you just don\u2019t ever get that.\u201d<\/em><\/p>\n

The HFF debt placement team also included Senior Managing Director Frederic Wittmann\u2014who also\u00a0led\u00a0the financing\u00a0for\u00a0two\u00a0Boston office buildings<\/a>\u00a0earlier this year\u2014and\u00a0Senior Associate Robyn King.\u00a0<\/p>\n

A complete facelift<\/h2>\n

The District Burlington\u00a0was\u00a0repositioned and rebranded through the complete redesign of the park infrastructure and the development of a 30,000-square-foot retail cluster anchored by Island Creek Oyster Bar, Tuscan Kitchen and Market, and TD Bank.<\/p>\n

\"the-district-pressed-02-lg\"<\/a>\u201cThe capital allows them to extend the term on a refinance to complete its business plan and give them the remaining capital needed to fit out the rest of the space,\u201d<\/em> LaBine said.<\/p>\n

According to LaBine, the borrower did a fantastic job repositioning the asset to become a best-in-class mixed-use park with the best amenity package available in the market, which led to increased tenant demand and higher rents.<\/p>\n

Recent renovations include the repositioning and expansion of Building 700, the addition of a 350-space parking garage, and the creation of a first-rate walkable amenity package including a new Residence Inn by Marriott and an 8,000-square-foot fitness center.<\/p>\n

Strong\u00a0connectivity<\/h2>\n

The property is less than 15 miles northwest of Boston and situated adjacent to Route 128\/Interstate 95 and the Burlington Mall.\u00a0\u201cBurlington has always been a very strong Route 128 location,\u201d\u00a0<\/em>Greg LaBine, HFF\u2019s managing director,\u00a0told\u00a0Commercial Property Executive. “<\/em>You have great highway visibility, you have great access. The sponsor also smartly put in a shuttle that runs to the Red Line. And it\u2019s only about 10 minutes out of the city.\u201d<\/em><\/p>\n

Tenants are attracted to the park\u00a0due to its enhanced connectivity, which is provided through a Zagster Bike Share Program, walking trails and a private shuttle to and from the Alewife MBTA station in Cambridge. Currently, the District Burlington is 85 percent leased to a diversified roster of more than 40 regional, national and global tenants. Its roster includes BAE Systems, Black Duck Software, Charles River Development (no affiliation with Charles River Realty Investors) and Decision Resources.<\/p>\n

Photos via\u00a0The District Burlington website<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Located a few miles from Boston, The District Burlington is a 1 million-square-foot urban park with suburban environment features. Tenants are attracted by its enhanced connectivity, walking trails and private shuttles.<\/p>\n","protected":false},"author":451,"featured_media":1004193191,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21808,21825,21752,21742,10],"tags":[33758,37900,34657,32792,35869],"class_list":["post-1004193173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-featured","category-finance","category-mixed-use","category-latest","category-northeast","tag-aew-capital-management","tag-charles-river-realty-investors","tag-greg-labine","tag-hff","tag-national-development"],"acf":[],"yoast_head":"\nCharles River, AEW Land $205M Mixed-Use Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/charles-river-aew-land-205m-mixed-use-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charles River, AEW Land $205M Mixed-Use Financing\" \/>\n<meta property=\"og:description\" content=\"Located a few miles from Boston, The District Burlington is a 1 million-square-foot urban park with suburban environment features. 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