$205 million financing obtained for The District Burlington

The District Burlington, a former suburban office park recently transformed by National Development, Charles River Realty Investors and AEW Capital Management into a walkable mixed-use neighborhood, has received $205 million in financing secured by HFF. The seven-year fixed-rate permanent loan was obtained though a major life insurance company. “The borrower did a fantastic job repositioning the asset to become a best-in-class mixed-use park with the best amenity package available in the market,” said HFF Managing Director Greg LaBine in a prepared statement. “That led to increased tenant demand and higher rents, which when coupled with top institutional sponsorship within the borrower group, made this a compelling opportunity for the lender.”

The District Burlington is over 85% leased by a very diverse set of over 40 tenants, including BAE Systems, Black Duck Software, Charles River Development and Decision Resources. With amenities such as a new Marriott Residence Inn hotel, an 8,000-square-foot fitness center, an OMMMSpace housing yoga and meditation classes, private shuttle service to the Alewife MBTA Red Line station and a 30,000-square-foot retail cluster featuring Island Creek Oyster Bar, Pressed Cafe, Tavern in the Square, Tuscan Kitchen and Market and TD Bank, The District Burlington provides an ideal blend of a relaxing suburban setting and urban convenience. The development is located just 15 miles from Boston, minutes from Interstate 95/128.

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