Sonnenblick Goldman announces $200m in deals.

Sonnenblick Goldman has announced three major transactions totaling $200 million.

Serving as the exclusive advisor to a joint venture of Twining Properties and Principal Real Estate Investors, Sonnenblick Goldman has arranged a $90 million fixed-rated, non-recourse loan for Watermark, a newly-constructed luxury apartment tower in Cambridge, Mass.

The firm has also arranged the $65 million senior and mezzanine financing of the Ledgemont Center in Lexington, Mass., on behalf of The Beal Companies.

And, serving as the exclusive advisor to Distinctive Ventures, LLC, a Great Neck based real estate opportunity fund, the firm has arranged a $45 million acquisition and construction loan for the conversion of The Panoramic View Hotel located in Montauk, N.Y. The non-recourse financing was provided by an offshore bank.

The 23-story Watermark, which was completed in May 2006, has dramatic views overlooking the Charles River in Cambridge and is located next door to Genzyme's corporate headquarters and the MIT campus.

The building contains 321 rental apartments, a health club, an outdoor garden, parking and 10,000 s/f of retail space. Watermark is the first apartment building to provide Verizon FIOS internet service to every resident and incorporate original works of art from the Decordova Museum on every floor.

"The superior quality of this development, combined with its exceptional location and sponsorship, resulted in a most attractive financing package," said Steven A. Kohn, president of Sonnenblick Goldman.

"Furthermore, Watermark is located in Kendall Square, one of Boston's most exciting new neighborhoods, which is experiencing strong demand and very limited supply," added Alex Twining, CEO of Twining Properties.

Kendall Square is a 1.3 million-square-foot mixed-use community encompassing residential, biotech labs and offices, four theaters, a skating rink and boat landing. The development is one block from the Kendall/MIT "T" station, and close to shopping and restaurants, as well as office and laboratory buildings.

In April 2006, Sonnenblick Goldman arranged the $180 million acquisition financing of One Kendall Square, a 660,000 s/f biotech, office and retail complex also located within the community. Other recent Boston area transactions arranged by Sonnenblick Goldman include the $64 million debt refinancing of the Ledgemont Center in Lexington, Mass., and the sale/leaseback of 21-29 Great Republic Drive in Gloucester, Mass.

The Ledgemont Center is a 377,339 s/f office and research complex comprised of One and Two Ledgemont Center in Lexington, Mass. Anglo Irish Bank Corporation, plc provided the $55 million debt financing for both buildings, while Angelo Gordon Co. provided the $10 million mezzanine financing for Two Ledgemont Center.

"Both lenders highly valued the quality of the campus, the strong market and, most importantly, the sponsorship," said Kohn.

One Ledgemont Center consists of five buildings totaling 178,000 rsf, while Two Ledgemont Center comprises 202,500 rsf.. Located on approximately 36 acres at the intersection of Route 2 and I-95, Ledgemont Center offers a wide range of amenities including landscaped grounds, food-and-beverage services, a fitness center, 24-hour security, two parking garages totaling 1,013 parking spaces, and on-site property management. Tenants at Ledgemont Center include VistaPrint USA and Tepha Medical Products.

"Given the tightening conditions in Cambridge, office and research properties in suburban Boston are experiencing strong leasing activity among the biotechnology and life sciences industries," said Rick Swartz, managing director and principal of Sonnenblick Goldman. "The Ledgemont buildings appeal to both lab tenants and conventional office users."

Sonnenblick arranged a $45 million acquisition and construction loan for the conversion of The Panoramic View Hotel located in Montauk, N.Y.

The Sponsor plans to develop the beachfront hotel into 70 one through four-bedroom condop--a co-op complex with condominium-style rules--units to be called Panoramic Villas.

Averaging approximately 2,500 s/f, the residences are expected to sell for approximately $1,250 psf..

Distinctive Ventures expects the first phase of 27 units to be completed by the fall of 2007 and the full project build out by January 2009.

"We successfully secured the debt financing due to the lender's confidence in Distinctive Venture's plan for the conversion, the lack of comparable product in the market and the property's irreplaceable, oceanfront location," said Andrew Oliver, managing director and principal of Sonnenblick Goldman.

"Montauk has always had a reputation as a summer weekend retreat destination," said Chris Whittleton, director of Sonnenblick Goldman. "Now Panoramic Villas will offer residents access to the quaint seaside village all year round."