The Grossman Cos. Inc., a Quincy-based commercial real estate firm, has closed on the discounted payoff of an existing $14.3 million commercial real estate backed loan on Braintree Executive Park for $6.9 million.

During the next year, The Grossman Cos. plans to create a Class A office park for South Shore tenants with a $1.5 million renovation and repositioning of the 125,641-square-foot landmark twin office buildings located just at 100 and 150 Grossman Drive in Braintree, according to a statement.

"Braintree Executive Park is a first-class office address that had been impacted by the economic recession," said President Louis Grossman. "Although historically fully occupied, when two major tenants representing 40 percent of the park both downsized and relocated last year, it became clear that the cash flow would not support the debt service."

Grossman added: "We saw an opportunity to enter into a good-faith negotiation with the special servicer to acquire the property at a substantial discount. We are committed to the South Shore and are excited about the planned repositioning of the property."

David Goldfisher of the Henley Group advised The Grossman Cos. in its negotiations, and Tom Welch of Colliers has been hired to arrange new debt financing. The Grossman Cos. will joint venture on the repositioning with Boston’s Dinosaur Capital Partners.