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$57 Million development mortgage organized on behalf of Wheelock Road Capital and Camber Improvement for Boston-area industrial logistics improvement

BOSTON– JLL Capital Markets introduced that it organized $57 million in development financing for 800 Salem St., a state-of-the-art industrial logistics improvement totalling 237,800 sq. ft in Wilmington, Massachusetts.

The venture is totally entitled with website work full, vertical development underway and an anticipated supply in Q3 2024.

Upon completion, the property will function best-in-class specs together with 47 dock positions, two drive-in doorways, ample parking for 332 autos and 33 trailers together with provisions for 32 EV charging stations, 36-foot clear heights, 54-by-51-foot column spacing, energy capability of 4,000 amps (with expandability), modernized truck circulation and ESFR hearth suppression. The constructing may even be one of many first totally electrical warehouses within the state, underscoring the proprietor’s dedication to sustainability.

JLL represented the debtors, Wheelock Road Capital and Camber Improvement, to safe the three-year development mortgage from a nationwide financial institution.

The event is strategically positioned 17 miles north of Boston, and solely seven miles from each the I-93/I-95 and I-93/I-495 interchanges, offering seamless entry to Larger Boston’s main freeway techniques, city core, highly-skilled workforce, dense inhabitants communities and main company employment facilities. The I-93 North submarket has constantly exhibited a number of the tightest situations within the Larger Boston industrial market because of its superior entry, established company employment base, and excessive limitations to entry for brand new improvement. The submarket’s diversified tenant demand and robust historic occupancy has resulted in vital lease progress that has topped 15% on a compounded annual progress fee over the previous 5 years. All through 2023, the North submarket continued to profit from its diversified and increasing industrial person base that features third get together logistics/eCommerce, robotics, local weather know-how, superior manufacturing, and life science corporations.

The JLL Capital Markets crew representing the borrower was led by Senior Managing Administrators Steven Klein and Brett Paulsrud and Director Ryan Parker.

“Regardless of the prevailing headwinds within the development lending market, liquidity is offered for well-located initiatives with best-in-class sponsorship,” stated Paulsrud.

“Wheelock and Camber have thoughtfully designed the venture to accommodate the demand from the increasing logistics userbase looking for high-quality distribution area with wonderful connectivity to its clients,” added Klein.

The put up $57 Million construction loan arranged on behalf of Wheelock Street Capital and Camber Development for Boston-area industrial logistics development appeared first on Boston Real Estate Times.