Spaulding & Slye Colliers Arranges $16.2 Mil Loan

BURLINGTON, MA-The ownership of 4 Van DeGraaf Drive here, a 93,000 sf office building currently under construction, received a $16.2 million interim construction loan in a deal arranged by Spaulding & Slye Colliers Investment Services in Boston. Van De Graaf Partners LLC, a joint venture of Freeman Realty Associates Inc., a local real estate firm, and Burlington 2000 LLC, a group of investors, broke ground on the building located nearby Route 128.

Spaulding & Slye represented the building owner in the transaction that was conducted with a “major commercial bank.” Walter E. Mercer, senior vice president of Spaulding & Slye commented, “The property is at ‘ground zero’ in the Route 128 Burlington market and the high level of investor interest related the quality of the location, borrower and tenant.”

The loan deal amounted to 95% of the projected construction costs associated with the development of the 4 Van DeGraaf property. Spaulding & Slyle Colliers is also serving as development manager, leasing agent, property manager and contractor for the project.