October 8, 2019
Colliers International Boston arranged a $29-million loan to refinance a 130,000-square-foot office campus in Newington, NH.
Located at 90 and 100 Arboretum Drive, the property was acquired by Farley White in 2004 and expanded from 60,000 square feet to 130,000 square feet in 2013 as a result of rapid growth by the building’s largest tenant, Long Term Care Partners. Additionally, Farley White has plans to speculatively construct another 72,000-square-foot building at 90 Arboretum Drive. The new building is slated to open in early 2020.
John Broderick and Stephen Horan of Colliers’ Capital Markets team worked with lender Berkshire Bank to arrange Farley White’s capital package, simultaneously locking in long-term financing on the existing structure while providing a floating rate construction loan on the new building, which will convert to a long-term fixed rate upon completion.
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