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10 Corporate Drive Sells at a 52% Discount //New Owner For Wilmington Offices //Former Regal Cinema in Bankruptcy Sale //Broadway Group Expanding Again $6M Buy //Mocha Mott’s Building in Vineyard Haven Sells // 10 Corporate Drive Sells at a 52% Discount //New Owner For Wilmington Offices //Former Regal Cinema in Bankruptcy Sale //Broadway Group Expanding Again $6M Buy //Mocha Mott’s Building in Vineyard Haven Sells // 10 Corporate Drive Sells at a 52% Discount //New Owner For Wilmington Offices //Former Regal Cinema in Bankruptcy Sale //Broadway Group Expanding Again $6M Buy //Mocha Mott’s Building in Vineyard Haven Sells //

Station Landing Receives $137M Boost in Package Arranged by Holliday Fenoglio Fowler

June 01, 2011 — By Joe Clements

MEDFORD, MA—Providing a major infusion to the capital stack, a trio of Massachusetts-based lenders has combined to deliver $137 million in financing for Station Landing, National Development’s multi-faceted commercial project on the shores of the Mystic River. The majority of the monies comes from Massachusetts Mutual Life Insurance Co., which provided $115.0 million in a loan secured by Holliday Fenoglio Fowler’s Boston office.

“Yes, we did,” HFF Senior Managing Director Fred Wittmann says of his firm’s participation in the process, acknowledging the assignment when contacted this week by The Real Reporter. Wittmann referred additional questions to the client, although National Development officials were unavailable to discuss the outcome as of press deadline. Another $13.5 million was provided by Cambridge Savings Bank, while Middlesex Savings Bank loaned the group $8.5 million.

The hefty amount of financing provided is matched in size only by the ambitious undertaking itself, one that is set to deliver more than one million sf of build out by the time all phases are completed. Located at eternally bustling Wellington Circle, the complex features a blend of uses, including the hulking 75 Station Landing that encompasses 168 residential units designed with loft-style layouts and high-end
finishes in a seven-story frame.

Besides proving popular as a so-called “transit-oriented development” and garnering accolades for other sustainability aspects, Station Landing has attracted more than 30 retailers to the complex, among them Cold Stone Creamery, Kelly’s Roast Beef, Pizzeria Regina, Sleepy’s Mattress and Walgreens. Boston Sports Club joined up in a big way, constructing a 50,000-sf fitness center at 70 Station Landing in a building that serves both the general public and occupants of the complex.

Complementing the residential and retail components, Station Landing also features 100,000 sf of office space. That element is housed in a five-story building offering views of Boston and the Mystic River.

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