BOSTON — Newmark announced the arrangement of $96.5 million in financing for 50 and 54 Otis Street, two industrial assets that are located less than 35 miles west of Boston in Westborough, Massachusetts.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Head of the Boston Debt & Structured Finance group David Douvadjian, Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director Brian Butler, Managing Director David Douvadjian, Jr. and Associate Conor Reenstierna of the firm’s Boston Debt & Structured Finance group represented the borrower, Atlantic Management. The two transactions include a $70.5 million refinance for 50 Otis Street and a $26 million construction loan for 54 Otis Street.
“Atlantic Management has been a longtime client of Newmark and we greatly value the relationship between our two firms,” said Douvadjian, Sr. “We are particularly glad to have worked with Atlantic Management on the financing of these terrific properties.”
50 Otis Street is a 406,437-square-foot R&D and industrial building that was fully renovated-to-suit and expanded in 2021. 54 Otis Street is a 100,000-square-foot, build-to-suit, high-bay industrial asset that is slated for delivery in mid-2023. Both properties are fully leased to a major e-commerce company.
“Atlantic Management had a vision to create two first-class industrial assets with state-of-the-art infrastructure at 50 and 54 Otis Street,” said Butler. “This enabled the buildings to secure long-term leases to a credit-rated tenant with a parent company guaranty.”
50 and 54 Otis Street are strategically positioned along Route 9 and between three major highways: Interstates 90, 290 and 495. This facilitates seamless access to the densely populated areas surrounding all three of the area’s major cities: Boston and Worcester, Massachusetts and Providence, Rhode Island.
Newmark Financial Analyst Harrison Zucco provided financial analysis support for the transactions.