MetroWest portfolio secures $96 million in funding
The owner of a warehouse in the Interstate 495 corridor received a construction loan for a new property and refinanced his existing warehouse next door.
Atlantic Management owns the properties at 50 Otis St. – the existing warehouse – and 54 Otis St. in Westborough.
Newmark arranged the $96.5 million financing.
The 50 Otis St. property, a 406,437 square foot R&D and industrial building, was renovated and expanded in 2001. Atlantic refinanced the property’s debt with a $70.5 million loan from Brookline Bank.
Atlantic plans to use a $26 million construction loan from Middlesex Savings Bank to build a 100,000 square foot high-rise warehouse at 54 Otis St. next door.
In its announcement of the two deals, Newmark said the two buildings had been leased to a “large e-commerce company,” whose Worcester Deeds Registry document file is Amazon.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Head of the Boston Debt & Structured Finance Group David Douvadjian Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director Brian Butler and Partner Conor Reenstierna of the firm’s Boston Debt & Structured The finance group represented the Atlantic.