Following an expedited approval process, the lender delivered a verbal commitment on Dec. 27 and the loan closed on New Year's Eve. Bill Cress, principal at 705 Mount Auburn Street LLV, tells GlobeSt.com, "We secured the loan because the rates and terms of the agreement were very attractive to us."

"Both GE and the borrower had indicated thatthey were motivated to close before year end," says Kevin C. Phelan, executive VP at Meredith and Grew, who arranged the loan along with assistant VP Thomas F. Welch. "But to get a verbal notice on the Monday following Christmas weekend and to fund that Friday, New Year's Eve, is remarkable."

The building is 100% leased to Tufts, the US Post Office and Mt. Auburn Hospital. Tufts leases approximately 93% of the building, according to Phelan, and Mt. Auburn has a parking agreement with the landlord. Mt. Auburn Hospital is located approximately a half mile away and provides shuttle service to employees to and from the lot. The facility has on-site parking for 1,696 cars, including 1,371 spaces in a new, free standing, four-story garage. GE, a portfolio lender specializing in single-tenant financing, waived escrows while providing long–term financing, reflective of the remaining term of the Tufts lease.