NH Offices Land $50M Financing

PORTSMOUTH, NH-A quintet of office properties here has received a total of about $50 million in financing arranged by New York City-based Broadacre Financial. The CRE advisory firm did not identify the borrower; however, all five properties, both within and outside the Pease Tradeport complex, are part of the locally based Two International Group LLC portfolio.

Broadacre says two of the properties were financed by Wells Fargo Real Estate Capital Markets Group, which provided non-recourse loans. Largest of the five financing deals was for One Harbour Place, a 100,000-square-fot office property on the Portsmouth waterfront that Two International acquired in 2006. Its tenants include Morgan Stanley, Wells Fargo, Cambridge Trust and Optima Bank and Trust.

Wells also financed 100 International Drive, a 111,842-square-foot multi-tenant property within Pease Tradeport, the redevelopment of the former Pease Air Force base that had the distinction of being the first military installation to be marked for closure under BRAC in 1988. The building's largest tenant is Liberty Mutual.

People's United Bank provided seven- and 10-year balance sheet financing for three Pease Tradeport properties. They include 180 International Drive, a single-tenant, 56,658-square-foot property built for Medtronic Salient Surgical Technologies; the 64,274-square-foot 75 New Hampshire Ave.; and 200 International Drive, an 81,851-square-foot multi-tenant flex-office property.

“The allocation of assets between a portfolio lender and a non-recourse lender provided the borrower with the necessary flexibility for future development and a great non-recourse rate,” Broadacre president Chris Haynes says in a release. “Wells provided very attractive rates, and non-recourse financing, while People's gave the borrower flexibility and ease of execution.  It was a good diversification for the borrower's portfolio.”