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Mon. Jul 22nd, 2024

Bristol County Savings Bank lends $28 million for Boston industrial portfolio – Commercial Observer

By meerna Jul11,2024
Bristol County Savings Bank lends  million for Boston industrial portfolio – Commercial Observer

Northbridge Partners has secured $27.8 million to acquire a portfolio of four industrial buildings totaling more than 300,000 square feet in multiple locations throughout the greater Boston area, Commercial Observer has learned.

At least one of the properties is located at 36 Saratoga Square in East Boston. All four properties are 100 percent occupied and are single-tenant warehouse, distribution assets, according to JLL Capital Marketswho brokered the transaction.

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Bristol County Savings Bank provided a five-year fixed-rate, non-recourse loan for the purchase of real estate, while JLL Andrew Gray AND Ryan Parker arranged financing.

JLL’s Gray said there was “significant interest” from regional banks to finance the project, while fellow broker Parker said Northbridge Partners had raised the funding by splitting the portfolio into three separate acquisitions.

“The lender really stood out with a strong five-year fixed-rate covenant and provided flexibility in repayment terms to align with the borrower’s business plan across the portfolio,” Gray said in a statement.

Tim Chavesexecutive vice president and chief lending officer at Bristol County Savings Bank (BCSB) said in a statement that the agreement demonstrates how on-the-ground collaboration with community banks can facilitate transactions across the full spectrum of CRE capital markets.

“BCSB’s deep knowledge of our local communities, along with the personalized lending and treasury solutions delivered by our commercial team… are the perfect recipe for a dynamic and highly transparent banking relationship,” Chaves said in a statement.

Brian Pascus can be contacted at [email protected]

By meerna

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