50 Otis St., Westborough. Photo courtesy of Newmark
The owner of a warehouse in the Interstate 495 Corridor has received a construction loan for a new property and refinanced its existing warehouse next door.
Atlantic Management owns the properties at 50 Otis St. – the existing warehouse – and 54 Otis St. in Westborough.
Newmark arranged the $96.5 million in financing.
The 50 Otis St. property, a 406,437-square-foot R&D and industrial building, was renovated and expanded in 2001. Atlantic refinanced the property’s debt with a $70.5 million loan from Brookline Bank.
Atlantic plans to use a $26 million construction loan from Middlesex Savings Bank to build a 100,000-square-foot, high-bay warehouse at 54 Otis St. next door.
In its announcement of both deals, Newmark said both buildings have been leased to a “major e-commerce company,” which documents file at the Worcester Registry of Deeds show is Amazon.
Newmark co-head of U.S. Capital Markets Robert Griffin, head of the Boston Debt & Structured Finance group David Douvadjian Sr., executive managing director Timothy O’Donnell, senior managing director Brian Butler, and associate Conor Reenstierna of the firm’s Boston Debt & Structured Finance group represented Atlantic.
