MetLife Writes Mass. Office Loan
MetLife has provided $80 million of fixed-rate debt on a fully occupied office property in suburban Boston.
The seven-year mortgage, which closed within the past week, is backed by a 458,000-square-foot portion of the Reservoir Woods office complex in Waltham, Mass. Broker HFF lined up the loan for the owner, a joint venture between Davis Marcus Partners and Prudential Real Estate Investors.
The property encompasses three linked office buildings at 920, 930 and 940 Winter Street, within the Reservoir Woods West Campus. Together with the East Campus, Reservoir Woods has 1.2 million sf of office space on 120 acres next to the Cambridge Reservoir, about 17 miles west of downtown Boston.
The buildings collateralizing MetLife’s loan were renovated in 2006. They are fully leased to six tenants, including Fresenius Medical Care and PerkinElmer. The complex’s amenities include a fitness center and shuttle service to an MBTA commuter rail station.
Davis Marcus is itself a joint venture, owned by Boston-based real estate investors Marcus Partners and Davis Cos. In partnership with Pru, it acquired Reservoir Woods in several transactions between 2000 and 2005 from Polaroid and Verizon.