Capital One Healthcare has provided a $51 million refinancing on a 77,805 sq ft biotech and laboratory building in Cambridge, Massachusetts, within walking distance of Harvard University.
The five-year, fixed-rate loan went to borrower Longfellow Real Estate Partners, according to HFF, which arranged the deal. Greg LaBine, managing director of HFF, said in a statement that the deal, from marketing process to closing, took “49 days.”
Longfellow and its partner acquired the four-story Class A building at 1030 Massachusetts Avenue in November 2009, according to the borrower’s website. The building is now fully leased to seven tenants, including five biotech tenants, an indoor cycling studio, and a restaurant slated to open in early summer 2016.
Capital One Healthcare was formed after the parent company Capital One acquired General Electric Capital Corporation’s Healthcare Financial Services lending platform last December for reportedly $9 billion. The platform provides acquisitions and other financing on long term care, pharmaceuticals, medical devices, hospitals, healthcare IT, medical properties and life science properties. As of January this year, Capital One Healthcare holds over $11 billion in total outstanding balances.
Longfellow Real Estate Partners acquires and develops science and technology facilities including life science companies, universities, medical centers and research institutes. The lender and borrower did not respond to requests for comment.