Newmark Knight Frank (NKF) announces the successful arrangement of $8.3 million in debt financing for 129 Commercial Street in Malden, Massachusetts on behalf of a partnership comprised of Oliver Street Capital and Bain Capital Real Estate (BCRE). NKF Head of Mortgage Banking, New England David Douvadjian; Senior Managing Directors Timothy O’Donnell and Brian Butler; Director David Douvadjian Jr. and Senior Analyst Conor Reenstierna of the firm’s Boston Debt and Structured Finance group arranged the debt financing through M&T Bank.
“The teams from Newmark Knight Frank and M&T Bank did a tremendous job executing during a very difficult time,” said Jon O’Donnell from Oliver Street Capital. “129 Commercial Street is a great fit for our partnership with BCRE.”
Totaling 54,000 square feet and presently occupied by National Grid on a short-term basis, 129 Commercial Street is a top-quality urban infill industrial asset featuring 21-foot clear heights, four tailboard loading docks and one drive-in door. Given its size, functionality and location; the asset is well suited to appeal to a wide variety of users, including cold storage, traditional warehouse/distribution and flex tenants.
“The proximity to Boston and access to amenities and public transportation make this a unique industrial asset with high scarcity value,” added Jon Hyde of Oliver Street Capital.
129 Commercial Street is strategically located within Boston’s highly-desirable, “last-mile” urban core. The asset benefits from proximity to the major employment centers of East Cambridge (4.5 miles away) and Downtown Boston (5.5 miles away) as well as Logan International Airport (7.0 miles away). The MBTA’s Malden Center station, which offers bus, subway and commuter rail service, is a short walk from the property.
About Oliver Street Capital
Oliver Street Capital is a Boston-based commercial real estate investment firm focused on acquiring industrial properties throughout Greater Boston. Oliver Street’s principals have over 30 years of institutional commercial real estate experience representing over $2 billion in total transactions. The Oliver Street team currently owns and operates more than 1 million square feet of properties in Greater Boston and is led by its Co-Founders Jonathan Hyde and Jonathan O’Donnell.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $3.8 billion of equity in over 400 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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