Barings Provides $53M Loan To Refi, Build on Boston-Area Industrial Site
Bain Capital Real Estate, Oliver Street Capital are developing an 83,000 square-foot addition on the property
By Brian Pascus May 6, 2024 11:18 am
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A joint venture between Bain Capital Real Estate and Oliver Street Capital has secured $52.7 million to refinance a warehouse and distribution facility headquarters in Peabody, Mass., Commercial Observer has learned.
Barings provided the loan, which was arranged by the Colliers (CIGI) team of John Broderick and Patrick Boyle. The financing replaces acquisition debt from the 2020 purchase and funds the construction of an 82,790-square-foot addition to the warehouse.
“Barings did an exceptional job executing on a tight timeline in this turbulent market,” said Broderick in a statement. “Barings delivered market-leading terms that allow Oliver Street and Bain to retire the existing debt as well as fund construction dollars for the tenant to expand and consolidate its operations.”
Ryan Naumes, managing director with Barings, said that his firm is “excited” about the chance to expand its existing relationship with Colliers and Bain Capital Real Estate and is looking forward to beginning a new relationship with Oliver Street Capital, a real estate investment firm headquartered in Boston.
Located at 140 Summit Street, the 370,000-square-foot property serves as the headquarters for Christianbook, an e-commerce retailer. The on-site footprint is expected to be expanded by almost 83,000 square feet through the new refinancing provided by Barings.
The development center sits along Route 128, Interstate 95 and U.S. Route 1, and carries access to Logan International Airport and the Port of Boston.
Brian Pascus can be reached at bpascus@commercialobserver.com
