CAMBRIDGE, MA-Forest City Enterprises is refinancing its property at 45/75 Sydney St., twin office buildings connected by a sky-bridge. The mixed-use, science and technology park is picking up a $90-million refi, as the old debt matured, the owner is putting on new debt.
Secured through a combination from insurance companies Prudential and Cigna, the loan will be a seven-year, fixed-rate refi and will be almost a 50% increase in principal over the prior in-place financing. The property is 100% leased to biotech and pharmaceutical companies, as MIT takes no space in the property.
The buildings combine for 277,000 square feet of the total 2.3 million square feet of the park’s space. University Park at MIT is a rolling 27-acre mixed-use campus, corralling ten research and office buildings, four residential buildings, 250,000 square feet of hotel, restaurant and retail. Abutting the Massachusetts Institute of Technology campus here in Cambridge, the asking lease rates are, $52.67 per square foot in the Kendall Square/East Cambridge submarket, according to Cushman & Wakefield.