$345 Million in Financing Secured for Charles River Plaza North Adjacent to Massachusetts General Hospital in Boston
Marcus Partners and The Davis Companies announced today that they have obtained $345 million in first mortgage and mezzanine financing for Charles River Plaza North, a 354,594-square-foot, state-of-the-art office/research building adjacent to and long-term leased by Massachusetts General Hospital (MGH) in Boston, Massachusetts.
Holliday Fenoglio Fowler, L.P. (HFF) worked on behalf of Marcus Partners and The Davis Companies to secure the loans, including a $245 million, fixed-rate loan with UBS and a $100 million mezzanine loan with TIAA-CREF. Loan proceeds were used to refinance an existing CMBS loan which was originated in 2007.
Charles River Plaza North is located at 185 Cambridge Street within the larger 630,000-square-foot Charles River Plaza mixed-use development adjacent to the campus of MGH in Boston’s Beacon Hill neighborhood. This location is across the Charles River from the Massachusetts Institute of Technology and Harvard University and is convenient to mass transit with an MBTA red line station about three blocks away. Completed by the current ownership in 2005, Charles River Plaza North is leased in its entirety to The General Hospital Corporation, the parent of MGH and subsidiary of Partners Healthcare System. Additional tenants within the development include Whole Foods, CVS and the Schepens Eye Institute. Charles River Plaza North is used as a lab/research facility with five distinct research teams each occupying a floor of the building – the Center for Systems Biology, the Center for Regenerative Medicine, the Center for Computational and Integrative Biology, the Wellman Center for Photomedicine and the Center for Human Genetic Research.Back to All News