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BOSTON-Construction and permanent financing in the amount of $46 million was secured for the development of 670 Albany St., a 160,000-sf biotechnology research building within the BioSquare complex.

Senior managing director Riaz Cassum and senior real estate analyst Anthony Cutone of the local office of Holliday Fenoglio Fowler LP worked on behalf of 670 Albany St 2004 LLC to arrange both financings. The 10-year, fixed-rate forward permanent financing was secured through New York State Teachers Retirement System and the two-year, adjustable-rate construction loan was arranged with Fleet Bank.

Cassum notes that both the construction and long-term permanent financing allows the borrower to receive the benefits of a traditional floating rate construction loan, while at the same time locking in the long-term cost of capital. The property is subject to a 75-year ground lease with University Associates, a joint venture between Boston University and Boston Medical Center.

The building is scheduled to be completed in the fall of 2005. It is proposed to have eight stories of office/laboratory space, 60% of which is preleased to Boston University and Boston Medical Center. BioSquare Research Park is permitted for a two-million-sf medical research park, of which two buildings and a 1,000-space parking garage have been built. The park is adjacent to the Boston University Medical Campus and Boston Medical Center in the city’s South End neighborhood, near Route 93 and the Massachusetts Turnpike.

“Boston has one of the largest and most dynamic markets for laboratory space in the country due to the numerous medical and educational institutions and the growing number of pharmaceutical and biotechnology companies in the area,” says Cassum. “A huge plus for this project is its location at BioSquare, which has a reputation as apremiere national center for medical research.”

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