Boston, June 13, 2017 – Building upon a strong, long-term relationship with Atlantic Management, Colliers International’s Capital Markets group has rounded out the second quarter of 2017 with over $85 million of acquisition financing and refinancing for the busy investor/developer. The team of Thomas Welch, Adam Coppola, John Poole and Tonia Jenkins secured four loans from four distinct lenders for two value-add acquisitions and two permanent refinances.
One refinance included a flexible, customized permanent loan arranged with Brookline Bank for Brook House Condominiums, a 25,267-square-foot mixed office/medical condominium project bolstered by 114 parking spaces. The second refinance was arranged for One Enterprise Road, Billerica, where Nationwide Life Insurance Company provided a 15-year, non-recourse, fixed rate loan on the fully occupied, 162,000-square-foot industrial building anchored by household names, MIT and Safelite, among others.
Some of Atlantic’s most notable activity of late centered on its newsworthy acquisitions of 135 American Legion Highway in Revere – better known as the NECCO candy manufacturing facility (acquired in partnership with Jim Vitas of VMD Companies), and 50 Otis Street in Westborough – the former Astra Zeneca GMP manufacturing facility. Though future plans for the two sites – a cumulative 1.2 million square feet and 111 acres – are currently undisclosed, Colliers has successfully armed Atlantic with nearly $70 million in bridge financing from LoanCore for NECCO and another $6.5 million from Bank of New England for Atlantic’s purchase of Otis Street. “This batch of financing represents a very diverse application of first mortgage debt to address extremely different circumstances best addressed by a highly varied group of bank, debt fund and life insurance company lenders,” noted Welch. "We're thankful for the depth and breadth of Colliers long term lending relationships and particularly for the role we play for this top tier sponsor whose impeccable track record and reputation appeals so strongly to lenders and investors across the full spectrum of capital providers."
About Atlantic Management
Atlantic Management was formed in 1972 to provide investors with long-term capital growth through conservatively structured real estate investments. Since its inception, Atlantic Management has remained committed to achieving this goal for its Partners. Such a commitment has required the company to evolve and adapt in order to capitalize on the ever changing real estate market conditions.
This willingness to remain flexible but focused has resulted in the successful identification, acquisition and redevelopment of underperforming, mismanaged or value-added properties throughout New England – resulting in Atlantic Management currently owning and managing a portfolio of over 5 million square feet of property throughout New England.
While there are many firms in the industry today, Atlantic Management has a proven track record of excellent performance, demonstrating:
- The expertise necessary to acquire and manage quality investment real estate
- A strong relationship with both the Brokerage Community and Financial Lending Institutions
- An awareness of the market’s direction for formulating future real estate investment strategies and opportunities
- An entrepreneurial spirit, forever exploring new ways to construct economically sound real estate investments.
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.
For further information, please contact:Christine Comey Lewis
InkHouse for Colliers International, Boston