MARLBOROUGH, MA–BEB Lending, the finance platform of BEB Capital, announced that it has provided a $5.85 million bridge loan to Patriot Holding for the acquisition financing of an industrial property at 894-896 Boston Post Road in Marlborough, Mass.
The transaction represents BEB’s first in Massachusetts. The term of the financing is 18-months.
“This transaction is a perfect example of why we created BEB Lending,” said Sean Silverbrook, Vice President of BEB Lending. “We were able to provide Patriot Holding, an institutional owner, with access to financing to acquire this industrial asset that will offer a unique value-add opportunity with tremendous upside. This property gives them the ability to both utilize the existing square footage as well as the outdoor area for storage. We’re excited to partner together on our first transaction in Massachusetts and look forward to building a long-term relationship.”
BEB Capital created BEB Lending to provide quick and creative financing solutions for commercial real estate assets in primary and secondary markets across the US, with typical loan sizes ranging from $5 to $50 million. In February, the firm announced that BEB Lending had achieved a key milestone surpassing $100 million in capital deployed in less than two years of operation. The firm is targeting an additional $150 million by year-end 2022.
BEB was represented in-house by Lee Brodsky, Keyvan Ghaytanchi, and Sean Silverbrook. Patriot Holdings was represented by Alec Neeshman of Atlas Real Estate Capital.
894 Boston Post Road, which totals 98,000 square feet, was built in 1984 and features five drive-in loading docks with 24’ clear height. The building is less than seven miles from major highways I-495, I-90, and I-290 and is within 25 miles of Worchester and Boston, Massachusetts.
