Bristol County Savings Bank Makes $28M Loan on Boston Industrial Portfolio
The acquisition loan allows Northbridge Partners to take control of four 100 percent occupied warehouses
By Brian Pascus July 10, 2024 4:42 pm
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NorthBridge Partners has secured $27.8 million to acquire a four-building industrial portfolio totaling more than 300,000 square feet in several sites across the Boston metropolitan area, Commercial Observer has learned.
At least one of the properties is located at 36 Saratoga Place in East Boston. All four properties are 100 percent occupied and are single tenant warehouse, distribution assets, according to JLL Capital Markets, who brokered the deal.
Bristol County Savings Bank provided the five-year, fixed-rate, non-recourse acquisition loan, while the JLL’s Andrew Gray and Ryan Parker arranged the financing.
JLL’s Gray said that “there was considerable interest” from regional banks to finance the project, while his broker colleague Parker said that Northbridge Partners sourced the financing by dividing the portfolio into three separate acquisitions.
“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 in a statement.
Tim Chaves, executive vice president and chief lending officer of Bristol County Savings Bank [BCSB] emphasized in a statement that the deal highlights how on-the-ground networking from community banks can help facilitate transactions across the CRE capital markets spectrum.
“BCSB’s intimate knowledge of our local communities, as well the bespoke lending and treasury solutions delivered by our commercial team … are the perfect recipe for a banking relationship that is both dynamic and highly transparent,” said Chaves in a statement.
Brian Pascus can be reached at bpascus@commercialobserver.com
