Joint Venture Acquires Two Office Buildings Totaling 332,194 SF in Suburban Boston

NEWTON, MASS. — A joint venture between Angelo Gordon & Co. and Jumbo Capital Management has acquired two office buildings, located at 7-57 and 75-85-95 Wells Ave. in Newton, a suburb eight miles west of Boston, for $62.3 million. The properties total 332,194 square feet. Coleman Benedict and Ben Sayles of HFF represented the undisclosed seller and buyer in the sale. Additionally, HFF worked on behalf of the new owner to secure a five-year, fixed-rate first mortgage financing for $47.1 million, which included funds for the acquisition and a facility for future tenanting and capital costs. Lauren O’Neil and Brett Paulsrud of HFF arranged the financing for the borrower, while Mike Terry and Jonpaul Sallese, also of HFF, represented East Boston Savings Bank in the mortgage transaction.