Boston – On behalf of Calare Properties, Inc., CBRE/New England’s Debt & Structured Finance team secured acquisition financing for 261 Cedar Hill Street and 753 Forest Street located in the Cedar Hills Business Park in Marlborough, Massachusetts.
HarborOne Bank provided financing for the industrial/flex properties in the amount of $9.18 million. CBRE/NE’s Kyle Juszczyszyn, Chris Coutts and Lenny Pierce secured the competitive financing.
“We are pleased to have assisted Calare Properties with financing the recent acquisitions in Marlborough. HarborOne provided very attractive financing terms and closed on a tight timeline. The 10-year fixed rate loan aligns with Calare’s long-term investment strategy with a low cost of capital,” stated CBRE/NE’s Coutts.
261 Cedar Hill Street is a ±59,404 square foot, industrial/flex building that is 100% leased to four long-term tenants with staggered lease expiration dates. 261 Cedar Hill Street has enjoyed an average occupancy of 95.8% over the last 10 years. 753 Forest Street is a ±75,000 square foot, industrial/flex building that is 100% leased to five tenants and has a strong historical occupancy of 97.1% over the last 10 years.
“We are excited to have acquired the two Marlborough assets that will provide our partners with stable, long-term cash flow. Our team continues to identify and evaluate select acquisition opportunities that meet our risk-adjusted returns,” added Andrew Iglowski, Director of Acquisitions at Calare Properties.
Calare Properties, Inc. is a fully integrated real estate organization, recognized as the largest owner of industrial properties in the greater Boston market. Established in 2003, Calare Properties specializes in the ownership, management and leasing of industrial and flex/office properties primarily in the Northeast. Calare has led the acquisition of over 17.3 million square feet of properties, representing $750 million in real estate transactions through funds, direct deals and a multi-asset portfolio.