CIT Lends on Massachusetts Office Center
Jennifer Henderson July 9, 2014, 8 a.m.
CIT Real Estate Finance has provided a $21.5 million senior secured loan to Normandy Real Estate Partners for the refinance of Westford Corporate Center in Westford, Mass., Mortgage Observer has first learned.
The financing was supplied by CIT Bank, the U.S. commercial bank subsidiary of Livingston, N.J.-based CIT Group Inc., according to a release issued by the company.
Normandy, a real estate operator and fund manager based in Morristown, N.J., will use proceeds from the loan for tenant improvements for the office complex in addition to the refinance, the release stated. CIT declined to provide the terms of the financing.
“This transaction highlights our continued efforts to meet the financing needs of our middle-market commercial real estate clients in a way that positions them for success,” said Matt Galligan, president of CIT Real Estate Finance. “Normandy has been extremely active in the Greater Boston area, where it owns or manages more than 30 commercial properties. We look forward to building on this relationship.”
The lease for the property’s anchor tenant, Cynosure Inc., which develops and manufactures aesthetic and medical treatment centers, was recently renewed and expanded by Normandy, according to the release. Westford Corporate Center, located 25 miles northwest of Boston at 3-5 Carlisle Street, serves as Cynosure’s global headquarters.
“These two buildings in Westford, Massachusetts sit on 18 acres and have over 500 parking spots located throughout the campus. With local amenities and a central location to major transportation corridors, we’re pleased to expand our relationship with Cynosure as an anchor tenant,” said Joseph Adamo, principal of Normandy Real Estate Partners. “We’re looking forward to working with Matt [Galligan] and his team again.”