March 6, 2017
First Highland Management and Development Corp. obtained a $28-million permanent financing loan to refinance the Boston-Dedham Commerce Park, a five-building, 654,050-square-foot industrial park at 63-101 Sprague St. in Boston, MA. Financing was arranged by Transwestern’s Chris Skeffington and Andrew Stone, through East Boston Savings Bank.
Boston-Dedham Commerce Park is inside the Route 128 Beltways, and adjacent to the Readville commuter rail stop. The park is 82% leased to more than 30 tenants, including R.R. Donnelly, Dancing Deer Baking Co. and Sky Zone Boston.
“First Highland’s hands-on management of the park makes it an attractive destination for both suburban and urban tenants, resulting in an asset with strong, durable cash flows,” Skeffington said. “East Boston Savings Bank recognized the value of urban industrial product in today’s market, and proved to be a fantastic partner in this transaction.”
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