CAMBRIDGE, MA-One Kendall Square, a life sciences hub located here, has secured a $175-million mortgage loan from KBS Real Estate Investment Trust II. Cushman & Wakefield Sonnenblick Goldman served as the exclusive advisor to the property’s ownership, a joint venture of Rockwood Capital and the Beal Cos.
"The strong lender response we received reinforces the notion that in today's economic environment there exists a deep well of liquidity for core properties such as One Kendall," says Steve Kohn, New York City-based president of C&WSG, in a release. His colleague Richard Swartz, an EVP and head of C&WSG’s Boston office, adds that the five-year, fixed-rate loan " highlights an evolving trend that we are seeing since the start of the financial crisis.”
That trend, Swartz says in a release, is "the rise to prominence of a new breed of lenders, debt funds as well as mortgage REITS.” They’ve stepped into the capital markets, “providing much needed liquidity in the absence of aggressive lending from more traditional sources."
Located just north of the Massachusetts Institute of Techniology campus, the century-old One Kendall Square is recognized as the birthplace of Genzyme and other leading biotech firms. The 10.25-acre, 676,000-square-foot property consists of nine distinct buildings, two storage facilities, a 1,530-space structured parking garage and a nine-screen movie theater.
Along with Kohn and Swartz, other C&WSG team members on the deal included senior directors Alex Hernandez and Jay Wagner and analyst Michael Henry.
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