CAMBRIDGE, MA—King Street Properties has secured $89 million in acquisition and repositioning financing in connection with its purchase of two former Pfizer laboratory buildings near the Alewife MBTA Station.

The combined purchase price for the two properties at 87 Cambridge Park Drive and 200 Cambridge Park Drive is $54.5 million. HFF, working on behalf of King Street Properties, LLC, placed both acquisition/repositioning loans through Cornerstone Real Estate Advisers, which acted on behalf of its advisory clients. A $22-million, floating-rate loan was secured for 87 Cambridge Park Drive and a $67-million, floating-rate loan was secured for 200 Cambridge Park Drive. The HFF team representing the borrower was led by Managing Director Greg LaBine.

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