$180m mortgage floated for JV redevelopment.

Sonnenblick-Goldman, serving as the exclusive advisor to a joint venture comprised of Rockwood Capital and The Beal Companies, has arranged a $180 million floating-rate mortgage for the acquisition and redevelopment of One Kendall Square in Cambridge, Mass.

Anglo-Irish Bank Corporation pie provided the financing for the project.

One Kendall Square is located on a nine-acre rectangular site just north of the Massachusetts Institute of Technology (MIT) campus. The property consists of nine distinct buildings, plus two storage facilities, a 1,530-space structured parking garage and a nine-screen movie theater.

"The tightening East Cambridge market will facilitate the sponsor's ability to increase cash flow through the re-leasing of the office and lab space at the property," said Steven Kohn, president of Sonnenblick-Goldman.

The combined sponsorship of Rocked Capital, one of the most successful real estate investment funds in the United States, and the Beal Companies, the preeminent local Boston and Cambridge entrepreneurial operating partner, provides both the financial expertise and intimate local knowledge required to successfully execute the repositioning of the asset.

This is the third Rockwood/Beal joint venture in what has been a successful and profitable six-year relationship.

The Beal Company's Greater Boston management portfolio consists of approximately 2.5 million square feet. Excluding One Kendall Square, Beal's East Cambridge portfolio includes more than 400,000 square feet of lab and office space and more than 250 residential units.