MARLBOROUGH, MA-Colliers International has arranged $60 million in bridge financing via UBS Investment Bank for Atlantic Management's 200 Forest St., a 527,580-rentable-square-foot office/R&D building here. The funding will allow for the recapitalization of the existing acquisition financing while providing funds to reposition and redevelop the property into a mixed-use development.
Atlantic Management acquired the 109-acre, six-building campus, formerly owned and occupied by Hewlett Packard, vacant for $8.7 million in August 2011. For that deal, Colliers arranged acquisition financing through RCG Longview. The current ownership secured a zoning overlay for an MXD from Marlborough's town council this past December.
The first tenant, Quest Diagnostics, signed on for 200,000 square feet last October. It's currently completing the build-out of a diagnostic lab facility within 200 Forest.
“Atlantic Management displayed their trademark vision in making an opportunistic acquisition in 2011,” says Colliers EVP Dave Douvadjian. He and his Colliers capital markets colleagues, SVP Tom Welch and credit analyst Brian Gaswirth, arranged the recap.
The zoning overlay obtained by Atlantic retains the ability to redevelop the two existing office/R&D buildings on the former HP campus and adds the rights to develop 350 units of multifamily housing, a 150-key hotel and up to 75,000 square feet of retail. A groundbreaking for the first new class A apartment development in Marlborough in nearly 10 years is set for later this fall.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.