Financing Arranged for Office Buildings in Popular Suburban Market

CHELMSFORD, MA-First mortgage financing in the amount of $6,050,000 was arranged for four first class office buildings here on 1 to 4 Meeting House Road. The buildings total 82,413 sf of space.

The location is about a half mile from Routes 3, 110 and 495 and approximately 18 miles from Downtown Boston. The buildings are fully built out and are wired for high-tech companies. They are 100% leased with clients such as AG Edwards, Saints Memorial Hospital and Manpower.

“Rents are rapidly escalating in this area,” Casimir Groblewski, director at Spectrum Financial Corp., tells GlobeSt.com. Spectrum arranged the mortgage with Sun Life Assurance Company of Canada, which Spectrum represents as correspondent. The deal, adds Groblewski, went relatively smoothly. “The quality and location of the property encouraged the lender to respond quickly.”

While Groblewski declined to disclose the lease rate for these buildings he did say that, “they are reasonable when compared to the market.” Spectrum’s client also declined to be identified.

Route 495 is quickly developing a reputation as an alternative for high-tech companies who want to avoid the high lease rates of Route 128 and Downtown Boston. Rates have gone as high as $50 per sf on 128, with Downtown Boston even higher, while 495 is still in the $30 per sf area.