ING Real Estate Finance (USA) LLC has closed a $39.0 million secured term loan to finance the acquisition of a 50% joint venture interest in Waltham Woods Corporate Center. Waltham Woods Corporate Center consists of two Class A office properties comprising a total of 391,654 ft², and is located in Waltham, MA, one of the strongest suburban office sub-markets in Boston. The properties are 100% leased to a variety of office tenants. ING Real Estate Finance acted as Sole Lead Arranger and Administrative Agent.
The joint venture interest was purchased by ING Office Fund (Australia). This financing represents the second major financing ING Real Estate Finance has closed with the sponsor. On August 24, 2004, ING Real Estate Finance fully underwrote and closed a $95.1 million senior secured term loan for the acquisition of two office properties in Plano, TX and Falls Church, VA.
The ING Office Fund is a publicly listed office property trust based in Sydney, Australia. The Fund currently owns a portfolio of 23 office properties located throughout Australia and the United States. The Fund has gross assets of AUD2.2 billion and a portfolio comprising 5.4 million SF of office space. ING Clarion sources, secures and manages US properties on behalf of the ING Office Fund.
Source: ING Real Estate