Cushman & Wakefield has arranged a $40.8 million refinancing for a two-building manufacturing and R&D portfolio located at 299 and 301 Ballardvale St. in Wilmington, MA. The assignment was handled by the firm's Equity, Debt & Structured Finance team, which represented the borrowing entity in sourcing new debt capital for the assets.
The Cushman & Wakefield team of Rob Borden, Heather Brown, Rehan Munsiff and Nolan Alexander worked on behalf of the borrower to secure the refinancing from M&T Bank. The financing recapitalizes a portfolio that has recently undergone an active lease-up and stabilization effort under the current ownership structure.
The properties total 200,750 square feet of manufacturing and R&D space. Over the past 12 months, the ownership group, a joint venture between Camber Development and GEM Realty Capital, enhanced the assets and moved the portfolio to full stabilization. During that period, occupancy increased from 72% to 100%, supported by a diversified tenant roster.
According to Borden, the transaction reflects the value created by the joint venture through its lease-up and stabilization strategy at 299 and 301 Ballardvale St. He noted that the assets drew strong interest from a diverse set of capital sources, which contributed to a competitive financing process. The final outcome was described as a testament to the joint venture's execution and the quality of the underlying industrial and R&D properties.
The refinancing by M&T Bank provides the ownership group with a new capital structure following the successful improvement in occupancy and operating performance at the Wilmington portfolio. Cushman & Wakefield's role in arranging the debt highlights continued lender engagement for fully stabilized industrial and R&D assets backed by established sponsorship and a multi-tenant rent roll.
