Synergy Sells Boston Property for $49M

Synergy Investments, the Boston-based real estate investment company, has sold 100 Franklin Street in downtown Boston to Clarion Partners for $48.75 million, or roughly $394/sf, according to a Suffolk County deed. The property previously traded hands in July 2004 when SSR Realty Advisors sold the building to Oasis Development of Lynn for $19.5 million, which then sold it to Synergy in 2008 for $33.5 million. Terms of the deal and representation were not disclosed. According to a Commercial Real Estate Direct report, the company has lined up a $24.6 million loan from TD Bank against the property.

100 Franklin Street was constructed in 1908 and originally served as the headquarters for the Boston Safe Deposit and Trust Co. The nine-story, 117,630 square foot building was renovated for the now-defunct Boston Stock Exchange in 1998. The building is within walking distance to Post Office Square, the Langham Hotel Boston and Faneuil Hall Marketplace. The seller, Synergy Investments, occupies 9,034-square-feet in the building, which is now anchored by Webster Bank.

For more news and information visit Blumberg Partners.

Boston's Back Bay Class A Secures $55M

HFF announced this week that it had arranged $55 million in first mortgage financing on behalf of Synergy Investments for 185 Dartmouth Street, a 164,559-square-foot, Class A, boutique office and retail building with on-site parking in Boston's Back Bay neighborhood. HSBC Bank provided the loan to Boston-based Synergy Investments to finance the 11-story Art Deco office and retail building; funds are being used to pay off existing debt, provide the necessary capital to complete the business plan and return equity upon stabilization. 

The HFF debt placement team representing the borrower was led by managing director Greg LaBine and real estate analyst Patrick McAneny.
 "HSBC Bank provided a flexible financing alternative for this transaction, with pricing reductions over time as the project achieves various milestones on its way to stabilization," LaBine said.  "Synergy's track record of success, the high quality rehabilitation of the property that Synergy has recently completed and the tremendous location of the asset made this an attractive opportunity for HSBC."

Completed in 1937, 185 Dartmouth Street recently underwent extensive renovations to modernize the building while retaining its classic Art-Deco appeal.  The 11-story building offers tenants 45 on-site parking spaces, eight floors of boutique office space, ground-floor retail and the Healthworks-leased two-floor fitness center.  Tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos.  Situated on almost half an acre at the corner of Stuart and Dartmouth Streets, the property is next to the John Hancock Tower and across the street from Back Bay Station, which provides easy access to major MBTA lines. 

For more news and information visit Blumberg Capital Partners.