Northwest Bank Lends $35M on Boston-Area Industrial Buy

Luzern Associates has landed $34.5 million of acquisition financing to purchase a three-building industrial campus in Boston’s North Shore area, Commercial Observer has learned.

Northwest Bank supplied the loan for Luzern’s $47.75 million acquisition of the 200,000-square-foot portfolio at Cherry Hill Business Park in Beverly, Mass., from Massachusetts developer R J Kelly. The portfolio of three buildings is anchored by medical device company Medtronic, which accounts for roughly 70 percent of the square footage. 

“We viewed this as a good place for us to deploy capital with strong sponsorship, good tenancy and a strong market between Boston and New Hampshire,” Adam Dubeshter, commercial relationship manager at Northwest Bank, told CO. “The industrial market as a whole in New England is probably one of the strongest in the country.”

Dubeshter noted that the portfolio is bolstered by the precedence of Medtronic, which is the largest medical device company by revenue in the world and has been anchoring the buildings for the past 42 years. He said there is big potential for growth, with Medtronic paying below-market rents and committed to the space long term.

The deal attracted strong lender interest from life insurance companies, banks and credit unions, according to Dubeshter. He joined Northwest Bank out of Boston in early 2026 from Amalgamated Bank as part of the Columbus Ohio-based company’s push to expand its CRE originations business to the east coast.

Shawn Dorsey, head of CRE banking at Northwest Bank, said the Cherry Hill portfolio loan underscores the types of deals Dubeshter was hired to execute.

“We strategically hired Adam to focus on institutional-quality sponsors, stabilized assets and strong markets east of Mississippi,” Dorsey told CO. 

In addition to Medtronic, the portfolio is also leased to G&F Medical and SSC Crane Service, a private equity-owned home services company whose only Massachusetts location is at Cherry Hill.  The Cherry Hill Business Park, which has nine buildings totaling 600,000 square feet, is situated off Conant Street in Beverly 32 miles north of Downtown Boston.  

Nicholas Campofranco, principal and chief investment officer at Luzern Associates, said in a statement the North Shore area of the Boston region provides many demand drivers for growth. 

“Luzern was attracted to this portfolio due to the functionality of the buildings and the balance of credit tenancy with an opportunity to capture upside as leases expire,” Campofranco said in a statement. “We believe the North market will continue to outperform in the long run given the strong skilled employment base and limited supply. ” 

Andrew Coen can be reached at acoen@commercialobserver.com.