X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CAMBRIDGE, MA- Legg Mason Real Estate Services/Spectrum Financial arranged $25 million in permanent mortgage financing on behalf of Samuels Central Square LLC for 625 Massachusetts Ave., located here in the heart of Central Square.

The property– situated one mile west of the Massachusetts Institute of Technology and one mile east of Harvard University and Harvard Square–was developed and is managed by locally based Samuels Property Group LLC. Company principals Jonathan H. Samuels and Francis N. Mastroianni purchased the building two years ago for $12 million and renovated it to create a mixed-use development. “They completely renovated it,” Legg Mason Real Estate Services/Spectrum Financial’s senior vice president Stanley J. Sidel tells GlobeSt.com. Sidel arranged the mortgage with Bank of America. “The only thing left standing were the exterior walls.”

The building now contains approximately 125,000 sf of office, retail and health-club space and is fully leased. Among its tenants are Harvard University, which occupies over 70,000 sf of office space, The Gap and Gap Kids, Boston Sports Club and Computer Recognition Systems. While Sidel declined to reveal terms, he says that because the tenants did their own buildout the lease rate is lower than it should be.

Legg Mason Real Estate Services/Spectrum Financial is a wholly-owned subsidiary of Baltimore-based Legg Mason, Inc and arranges real estate financing for mixed use projects, shopping centers, specialty retail properties, office buildings, industrial buildings, warehouses, corporate headquarters, and apartments.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.