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Atlantic Management Secures $97M for Refi, New Build of Westborough Industrial Assets
Newmark has arranged $96.5 million in financing on behalf of Atlantic Management for two industrial assets that are located 35 miles west of Boston in Westborough, MA. The two transactions include a $70.5 million refinance for 50 Otis Street and a $26 million construction loan for 54 Otis Street.
Robert Griffin, David Douvadjian, Sr., Timothy O’Donnell, Brian Butler, David Douvadjian, Jr. and Conor Reenstierna represented the borrower. Harrison Zucco of Newmark provided financial analysis support.
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.
50 and 54 Otis Street are positioned along Route 9 and between three major highways, interstates 90, 290 and 495, for access to the densely populated areas surrounding Boston, Worcester in MA and Providence, RI.
- ◦Development
- ◦Financing
