BY BOSTON REAL ESTATE TIMES • SEPTEMBER 5, 2017
BOSTON—Valencia Realty Capital, a provider of flexible, cost-efficient debt capital for commercial real estate investors and borrowers, announced that it has arranged $6.5 million in refinancing for a two-story, mixed-use warehouse and office building in East Boston.
Located at 580 Chelsea Street on a long-term ground lease, the 90,000-square-foot building, with clear height reaching as high as 30 feet, is the closest warehouse to Boston Logan International Airport’s tarmac, with direct access to the airport via Coughlin Bypass Road.
“As the closest off-tarmac warehouse to Logan Airport, the building maintains full occupancy in this extremely competitive, supply constrained Boston airport warehouse market,” said Stephen Smeke, CEO of Boston-based Valencia Realty Capital. “Given the attractiveness of the leasehold asset, we are pleased to have arranged a refinance loan with a very competitive interest rate, 30-year amortization and partial recourse for the borrower.”
Valencia Realty Capital team worked on behalf of the building owner to secure the financing from a commercial lender.
Mr. Smeke said that in addition to investing the proceeds from refinancing into the building improvements, the borrower was also able to take out cash in order to invest in other investment properties.
The strategically-located building has a ceiling height of up to 30 feet. Funds will be invested into building improvements, with a special focus on replacing loading docks and other enhancements.