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M&T provides $40.8 million refi for Camber and GEM JV in Wilmington
The refinancing covers a two-building manufacturing and R&D portfolio at 299 and 301 Ballardvale St., totaling 200,750 square feet, after the joint venture stabilized the assets and raised occupancy to 100% from 72%.
ConnectCRE reports that 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, Massachusetts.
The deal, backed by M&T Bank, supports a portfolio totaling 200,750 square feet. Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower, a joint venture between Camber Development and GEM Realty Capital.
ConnectCRE says the properties had been enhanced and fully stabilized by the ownership over the past 12 months, including a lease-up that increased occupancy from 72% to 100% across a diversified tenant roster.
The outlet also notes that Cushman & Wakefield partner Rob Borden said the transaction reflected a high-quality portfolio where the borrower created value through a disciplined lease-up and stabilization strategy, which drew strong interest and led to a competitive financing process.