January 18, 2017
ASB Real Estate Investment’s Allegiance Fund, in partnership with Lincoln Property Co., secured $63 million in financing for 320 and 333 Summer Streets in Boston’s Seaport District. The loan came from Hartford Financial Services Group Inc., which provided financing at a 3.65% fixed rate, and 10-year term.
The assets total 217,000 square feet of loft-style office space, and are 97% occupied to LogMein, a PC data systems management firm, which is merging into Citrix. The combined Citrix unit revealed plans to consolidate operations to the Summer Street buildings.
“ASB completed the financing as part of its overall strategy to leverage assets that are positioned to achieve the most favorable financing terms given current advantageous market conditions,” said Brodie Ruland, the company’s senior vice president and head of the Northeast Region. “These buildings feature high occupancies and a highly desirable credit tenant in one of Boston’s most attractive office submarkets.”
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