Boston-Area Office Portfolio Lands $23M Refi

By Razvan Cimpean

Chapel Business Center in Newton, Mass.

KS Partners has arranged a $22.5 million loan for the refinancing of a 121,487-square-foot office and flex portfolio in Newton, Mass.

Located at 59-85 Chapel St., Chapel Business Center is the largest property in the portfolio. The 78,187-square-foot, Class B office building was built in 1898, converted to office in 1994 and renovated in 2006. The one- and two-story asset is roughly two-and-a-half miles from the other assets in the portfolio, a 32,000-square-foot flex/office building located at 85 School St. and an 11,300-square-foot flex/office building at 165 Dexter St.

Julia Anne Slom, senior vice president & team leader of Washington Trust’s Commercial Real Estate Group, arranged the financing on behalf of KS Partners.

According to Yardi Matrix data, KS Partners acquired the portfolio in 2015 from Fairlane Properties for $11.4 million. Earlier this month, KS Partners negotiated Aras Corp.’s lease expansion at Andover Landing at Brickstone, a one million-square-foot Andover office campus.

Image courtesy of Yardi Matrix