Image courtesy of Cushman & Wakefield
A $37 million construction loan from Principal Asset Management enabled developers to move forward with a new two-building industrial park in Billerica.
Cushman & Wakefield’s equity, debt and structured finance team sourced the loan on behalf of the borrower, NorthBridge Partners.
The 222,050-square-foot project is under construction at 315 Treble Cove Road. Completion is scheduled for the first half of 2027.
“The transaction drew significant attention across capital sources given the profile of the development and the strength of NorthBridge’s platform. From a financing perspective, it aligned with what lenders are seeking today, top tier sponsorship and modern well-located industrial product with a clear path to lease-up,” Cushman & Wakefield Vice Chair Rob Borden said in a statement.
Berkeley Garbe also is building a speculative project in Billerica, seeking to attract advanced manufacturing tenant demand along the Route 3 corridor.
Following the completion of major speculative projects including the 366,425-square-foot Trident Logistics Center in Revere and 605,805 square feet on Maple Street in Stoughton, the industrial vacancy rate in Greater Boston was 9.9 percent, according to a recent report by Hunneman.
During the first half of 2026, absorption increased 106,515 square feet and average asking rents were essentially unchanged at $16.76 per square foot.
