Boston, April 26, 2018 – Colliers International’s Boston-based Capital Markets group recently rounded out an active 12-month period with Hilco Redevelopment Partners, having secured a total of $131.5 million in acquisition, bridge and permanent financings. The team of Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins have successfully secured six loans on five properties for the innovative, value-add developer. “Hilco is a market leading developer with creative vision and tremendous expertise in acquiring under-performing properties and transforming them into best-in-class assets,” stated senior vice president Adam Coppola.
Earlier this month, Colliers Boston recapitalized 48 Woerd Avenue in Waltham, MA for Hilco, facilitating a $22.58 million permanent first mortgage for the renewal and expansion of Olympus Corporation of the Americas. The loan provided funding to transform the facility into Class A office/R&D location through exterior façade improvements, site work, upgrades to the existing building along with a new main lobby and additional entryways. Upon completion, Hilco will have greatly improved the functionality and quality of the asset, with Olympus occupying the entire 121,000-SF property.
The Colliers team ended 2017 with permanent financings on both 11 Cabot Boulevard in Mansfield (175,000-SF first-class R&D/flex building) and 825 University Avenue in Norwood (167,000-SF Class A office/ R&D building) for Hilco, for a total of $41.9 million. These financings allowed Hilco to secure long-term debt after creating significant value through their redevelopment and leasing efforts that resulted in long-term tenants in the life sciences and technology space. Additionally, during the second quarter of 2017, Colliers secured $13.1 million of acquisition/bridge financing for the initial purchase and redevelopment of 11 Cabot Boulevard.
In November 2017, on behalf of L Street Station’s joint venture team of Hilco Redevelopment Partners and Redgate Capital Partners, Colliers arranged $32.25 million of pre-development financing for the former Edison Power Plant that connects South Boston to the Seaport. The development of the site is planned to occur over the next several years, during which time L Street Station will undergo a complete placemaking transformation, converting it from an industrial relic that once provided energy and power to a growing city, into a large mixed-use development that will serve as a new source of vibrancy and further enhance the South Boston community.
During July 2017, The Colliers team also worked with Hilco to secure $21.7 million in bridge financing for the redevelopment of the former Standard Thompson Company headquarters, The Gauge, located in Waltham, MA. The existing brick-and-beam facility is undergoing extensive renovations to transform the site into a 130,000-SF, Class A creative office/R&D campus. The redevelopment’s campus style and flexible layout will be a unique and versatile offering in the competitive Waltham market.
About Hilco Redevelopment Partners
Hilco Redevelopment Partners (“HRP”) specializes in the acquisition, remediation, and redevelopment of commercial real estate properties across the country. HRP is a proven and trusted partner with significant experience completing complicated redevelopment projects. HRP’s unique capabilities include complex demolition, environmental remediation, and redevelopment. HRP’s process is highly focused on safety and responsible redevelopment and always incorporates stakeholders within each community to ensure a collaborative approach to each project.
HRP is a member of Hilco Global, a dynamic, international organization founded in 1987 and headquartered in metropolitan Chicago. Hilco Global is the leading international financial services company having completed billions of dollars of transactions around the world. Through 500 professionals operating on five continents, Hilco helps companies and their professional advisors understand the value of assets and then maximize that value through asset monetization solutions, and enhance value through advisory and consulting solutions. Hilco serves retailers, wholesalers, distributors and manufacturers, directly and through their lenders, investors and advisors, which can include private equity firms, hedge funds, investment banks, law firms, turnaround professionals, accounting professionals, bankruptcy trustees and receivers.
About Colliers International Group:
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.
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