News: Front Section
Posted: July 26, 2024
JLL Capital Markets arranges $27.8 million
portfolio financing for NorthBridge Partners
Boston, MA JLL Capital Markets has secured $27.8 million in financing for a four-building portfolio totaling over 300,000 s/f across the Greater Boston MSA.
JLL represented NorthBridge Partners and arranged non-recourse acquisition financing through Bristol County Savings Bank.
The portfolio is 100% leased and comprises a variety of single- tenant warehouse, distribution and manufacturing buildings. The four properties are located in well-established, master-planned industrial parks and feature high-quality infrastructure with ample loading docks and power capacity, abundant parking and efficient layouts.
The JLL Capital Markets Debt Advisory team was led by managing director Andrew Gray and director Ryan Parker.
“There was considerable interest from local banks and life insurance companies for financing this infill portfolio of high-quality industrial assets with best-in-class sponsorship. The lender really distinguished itself with a strong five-year, fixed-rate deal and provided flexibility for release provisions to align with the borrower’s business plan across the portfolio,” said Gray.
“The NorthBridge team did a tremendous job sourcing the portfolio as three separate acquisitions and we are glad our team was able to create a new local bank relationship for them on this attractive buy,” Parker said.
Tim Chaves, EVP and chief lending officer of Bristol County Savings Bank, said, “This transaction was representative of how community banks are adding value to the capital markets. BCSB’s intimate knowledge of our local communities, as well the bespoke lending and treasury solutions delivered by our commercial team, including Mike Patacao, SVP/market manager and Kevin McCarthy, SVP/CLO, are the perfect recipe for a banking relationship that is both dynamic and highly transparent, from term sheet through closing, and beyond. We sincerely value the relationship we built with JLL and Northbridge and we applaud their work ethic, professionalism and organizational character.”
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.