Cushman & Wakefield arranged a $40.8-million refinancing for a two-building manufacturing and R&D portfolio at 299 and 301 Ballardvale St. in Wilmington, MA. The Equity, Debt & Structured Finance team of Rob Borden, Heather Brown, Rehan Munsiff and Nolan Alexander represented the borrower in securing the refi from M&T Bank
Totaling 200,750 square feet, the properties were enhanced and fully stabilized by ownership, a joint venture between Camber Development and GEM Realty Capital, over the past 12 months. The JV increased occupancy from 72% to 100% across a diversified tenant roster.
“This transaction showcases a high-quality portfolio where the borrower created significant value through a disciplined lease-up and stabilization strategy,” said Borden. “The assets generated strong interest from a diverse pool of capital sources, resulting in a highly competitive financing process, and the outcome a testament to the successful execution of Camber and GEM.”
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