$27.3M in financing secured for a two-property industrial portfolio in New England
JLL Capital Markets led financing efforts for NorthBridge Partners
BOSTON, July 29, 2024 – JLL Capital Markets is pleased to announce that it has successfully secured $27.3 million in financing for a two-building industrial portfolio spanning over 315,000 square feet in Central Massachusetts and Greater Hartford, Connecticut.
JLL represented NorthBridge Partners and arranged non-recourse acquisition financing through a national life insurance company.
The portfolio consists of two recently developed, mission-critical industrial facilities leased to a global ecommerce conglomerate and an advanced manufacturing company that primarily services the pharmaceutical and biotechnology industries. Both properties feature long-term leases, Class A construction and offer premier logistical connectivity for distribution and supply chain requirements.
The JLL Capital Markets Debt Advisory team was led by Managing Director Andrew Gray and Director Ryan Parker.
Gray commented, "We witnessed strong interest from national life insurance, regional banks and alternative capital providers in financing the portfolio of state-of-the-art industrial properties, which are mission critical to the tenant’s operations."
"The level of interest in the portfolio is a testament to Northbridge’s brand name and ability to acquire high quality logistics and distribution facilities below replacement cost," Parker added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About NorthBridge Partners
NorthBridge Partners LLC, founded in 2014, is a vertically integrated real estate manager that invests in infill industrial properties with a primary focus on select coastal U.S. markets located near major population centers and ports. The firm, led by Greg Lauze (Managing Partner and Chief Investment Officer) and Dean Atkins (Managing Partner and General Counsel), has 43 employees across four offices in the U.S. NorthBridge creates value through differentiated sourcing, repositioning, modernizing, tenant relocations, change of use, building expansions, and select ground-up development. For more information, please visit northbridgecre.com