HFF arranges $7.85M financing for 25 Commerce Way in North Andover, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged $7.85 million in financing for 25 Commerce Way (top left photo), a 168,735-square-foot flex industrial building in North Andover, Massachusetts.

HFF directors Greg LaBine (middle  right photo)  and Janet Krolman (bottom left photo) worked exclusively on behalf of the borrower to secure the fixed-rate loan through Salem Five.

The borrower is One Clark Street North Andover LLC. Loan proceeds are being used to refinance existing debt, fund tenant improvements, leasing commissions and cover closing costs.

Situated on 18.5 acres, 25 Commerce Way is located adjacent to the Lawrence Municipal Airport along State Route 125 in North Andover, approximately two miles from Interstate 495.

The single-story building has office, warehouse and manufacturing space and is 82% leased to GarrettCom, Peabody Supply, Comfort Foods and OSI Electronics.

 “This transaction serves as another example of the availability of debt from the local banking community for loans under $15 million.

"HFF received considerable interest for 25 Commerce Way, due to the quality of the sponsorship coupled with the solid cash flow being generated by the multi-tenant property,” said LaBine.

Contacts:

Gregory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com
Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com