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ASHLAND, MA-A five-building flex/industrial and office complex just off the Massachusetts Turnpike recently received $14.4 million in permanent financing. Located at 240-290 Eliot St., Ledgemere Park is owned by Ledgemere LLC, an affiliate of Parsons Commercial Group of Framingham.

“Because of the high quality and successful history of the property, as well as the strong and experienced ownership, the lender … responded to our request with a favorable loan structure,” Fantini & Gorga managing director Casimir Groblewski says of the financing source, Morgan Stanley Mortgage Capital Holdings. The pact needed to survive the turmoil that hit the debt markets in mid-summer 2007, and Groblewski cites the diligence of all parties involved for accomplishing that feat.

The 15-acre park has been owned by Ledgemere LLC since being acquired for $7.2 million in 2000 from Archon Group. It features 245,000 sf of space in one- and two-story buildings mostly constructed between 1983 and 1986 and extensively renovated during the past five years. Groblewski lists the development’s maintenance, value and location as reasons Morgan Stanley was attracted to the opportunity. Ledgemere Park also has an impressive tenant roster, he says, sporting such strong credit tenants as the Herb Chambers/Foreign Motors West auto dealer and Massachusetts Bay Community College. The complex is situated just off Route 126 and is accessible from Exit 12 of the turnpike.

Ashland is part of suburban Boston’s MetroWest region, an area that struggled on leasing of flex/industrial space in 2007. According to Cushman & Wakefield, the submarket of just over two million sf posted negative net absorption of 77,000 sf last year, the same figure recorded in the abutting Interstate 495 West submarket. At 8%, vacancy remains relatively tight for the MetroWest, however, especially compared to the 21.5% level currently in I-495 West. The average asking rate is $15.29 per sf for MetroWest flex/industrial, compared to $8.38 per sf for I-495 West and $9.59 per sf for the 23 million sf tracked in the C&W survey.

An affiliate of Eastern Bank, Boston-based Fantini & Gorga specializes in securing traditional debt, mezzanine and equity financing for commercial properties throughout the US. The mortgage banker has placed more than $100 million for flex/industrial product in the past three years alone.

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