CBRE | Melody arranges $27.5M financing<br> for redevelopment of A.T. Cross building

ALBION CROSSING is to redevelop half the 285,000-square-foot building as class-one office space; the other half will be occupied by A.T. Cross under a long-term lease. /
ALBION CROSSING is to redevelop half the 285,000-square-foot building as class-one office space; the other half will be occupied by A.T. Cross under a long-term lease. /

BOSTON – CBRE | Melody, the debt and equity placement division of CBRE Capital Markets, today announced it has arranged $27.5 million in financing the acquisition and redevelopment of the 285,000-square-foot A.T. Cross Co. headquarters building in Lincoln.

The building, at One Albion Road, was sold for $15.7 million to Albion Crossing LLC, a partnership of institutional developer Gray’s Point Investments LLC and commercial real estate development fund Perseus Realty Partners of Washington, D.C.
The deal closed March 5. (READ MORE) A.T. Cross was represented in the transaction by CB Richard Ellis/New England.

The financing was secured by Frank Petz, managing director of CBRE | Melody’s Boston office, and Deb Dalton, a senior analyst. It includes $6 million in joint venture-equity financing, from an institutional real estate fund based in Washington, D.C., and a bridge loan of $21.5 million, from a national collateralized debt obligation lender.

A.T. Cross will continue to occupy about half the building on a long-term lease; the remaining space is to be redeveloped by Albion Crossing into first-class office space.

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“We believe this asset can be quickly and efficiently repositioned into large floorplate general office product, an asset class which is virtually non-existent in the suburban Providence market today,” said Rob Manning, president of Gray’s Point.