Consoli says that Northland is pursuing other refi deals aswell. 600 Washington St. in Boston, a seven-story, class B officeproperty across from the 1.8-million-sf Millenium Placedevelopment, is being refinanced. "We expect it to close by the endof the year."

With the office rental vacancy rate still at record highs,refinancing can be difficult in this market, according to executivevice president Kevin C. Phelan of Meredith & Grew's Finance& Capital Markets Group, who secured the loans along with vicepresident John J. Broderick. "Single tenant buildings are verytough to get refinanced in this market, or in any market for thatmatter," Phelan tells GlobeSt.com.

"Citigroup stepped up and provided a structure that allowed[Northland] the flexibility it needed while delivering thetransaction at a very competitive rate," adds Broderick. Therefinancing on 400 Atlantic Ave. is an 80% LTV, 10-year loan andthe Channel Building has an eight-year loan, both with a 30-yearamortization.