WILMINGTON, Mass. — Cushman & Wakefield has arranged a $40.8 million refinancing for a two-building manufacturing and research and development portfolio totaling 200,750 square feet in Wilmington, the company announced.
The financing covers properties at 299 and 301 Ballardvale St. and was secured on behalf of a joint venture between Camber Development and GEM Realty Capital, which owns the assets. M&T Bank provided the refinancing.
Over the past year, the ownership group completed improvements to the portfolio while increasing occupancy from 72% to 100%, fully leasing the properties to a diversified roster of manufacturing and R&D tenants.
“This product and business plan execution aligns with our strategy to invest in institutional quality assets that attract a variety of strong tenants seeking functional and well-located manufacturing and R&D space,” said Jake Lewis, head of asset management at GEM Realty Capital.
The portfolio benefits from its location with direct access to Interstates 93 and 95, providing connectivity throughout Greater Boston and access to the region’s skilled workforce. The buildings also feature flexible floor plates, high clear heights, ample loading capabilities and infrastructure designed to support advanced manufacturing and production operations.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of Rob Borden, Heather Brown, Rehan Munsiff and Nolan Alexander represented the borrower in securing the refinancing.
“This transaction showcases a high-quality portfolio where the borrower created significant value through a disciplined lease-up and stabilization strategy,” said Rob Borden of Cushman & Wakefield. “The assets generated strong interest from a diverse pool of capital sources, resulting in a highly competitive financing process, and the outcome is a testament to the successful execution of Camber and GEM.”
M&T Bank said the financing reflects its continued commitment to supporting industrial and innovation-focused real estate throughout the region.
“We’re proud to build upon our strong partnership with Camber Development and GEM Realty Capital to support a growing business focused on research, development and innovation,” said Corey Rosenfield, senior vice president and regional head of commercial real estate at M&T Bank. “We value our continued collaboration and remain committed to investments that strengthen manufacturing and R&D sectors while driving economic growth in the local economy.”
