BOSTON–JLL Capital Markets announced that it has arranged $83.02 million in acquisition financing for 550 Arsenal Street, a 260,867-square-foot premier retail center in Watertown, Massachusetts, anchored by one of New England’s top-performing Target stores.
JLL represented the borrower, National Development, in securing a fixed-rate loan through Wells Fargo.
Located in Watertown’s fast-growing East End, the property sits adjacent to Arsenal Yards, a one-million-square-foot mixed-use destination featuring retail, life sciences, dining, and residential components. In addition to Target, 550 Arsenal Street’s tenants include Best Buy, the Massachusetts Registry of Motor Vehicles, and Chase Bank, making it a high-traffic, service-oriented retail hub for the area.
“The retail market in the Northeast is at near record-high occupancy levels, with very little new supply coming to market,” said Henry Schaffer, Managing Director at JLL Capital Markets. “It’s rare to find value-add opportunities in centers as dominant as 550 Arsenal. Exceptional debt market liquidity combined with limited supply of premium retail assets has created intense lender competition and attractive financing terms.”
The financing reflects the continued strength of the Greater Boston retail market, particularly in Watertown, which has rapidly evolved into a premier suburban destination just eight miles west of Downtown Boston and seven miles from Kendall Square. Since 2010, Watertown’s population has grown by 13.7%, supported by strong local demographics, including an average household income of $153,000.
JLL’s Debt Advisory team representing National Development was led by Managing Directors Henry Schaffer and Andrew Gray, Associate Sam Wiesman, and Analyst Joe Marinaro.
JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers, leverages its local market expertise and international reach to arrange investment sales, debt, and equity advisory services. The firm operates with more than 3,000 capital markets specialists across nearly 50 countries.
