JLL arranges $5.6M refinancing for Boston-area industrial building
The property is fully leased on a long-term basis
BOSTON, March 11, 2020 – JLL Capital Markets announced today that is has arranged a $5.6 million refinancing for 271 Ballardvale St., a 56,000-square-foot, fully leased, light manufacturing industrial building off Interstate 93 in the northern Boston suburb of Wilmington, Massachusetts.
JLL worked on behalf of the borrower, Boston-based Rhino Capital Advisors LLC, to place the 10-year, fixed-rate loan with Webster Five.
Fully leased on a long-term basis, the one-story building was built in 1976 and features 20-foot clear height ceilings. Situated on 4.41 acres just off Exit 41 on Interstate 93 in Wilmington, 271 Ballardvale St. is less than 18 miles north of Boston and 16 miles from Cambridge. This location has exceptional regional highway access via Interstates 93, 95 and 495, which connects the property to the entire northeast region.
The Capital Markets debt placement team representing the borrower was led by Senior Director Brett Paulsrud and Associate Amy Lousararian.
“Given the long-term lease in conjunction with the very attractive debt terms, this asset will provide Rhino’ portfolio with strong cash flow for many years to come,” Paulsrud said. “It is always a pleasure to work with such a great team.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Rhino Capital Advisors LLC
Rhino Capital Advisors LLC is a privately held, Boston-based investment management firm servicing and advising its array of investors, including HNW Syndicates and institutional capital partners. Rhino deploys human and capital resources to actively manage its existing operating assets and to implement renovation and repositioning of capital programs at each property.
Rhino works closely with a network of vendors to ensure daily onsite oversight of every asset. Rhino capitalizes on the diverse experience of its team and vendors to provide to investors institutional grade investment management and access to off-market opportunities in the Greater Boston area.
Rhino Capital was founded with the mission to provide investors exceptional risk-adjusted returns through (I) evaluation of market dislocations, risks, and inefficiencies, (II) appropriate pairing and structuring of capital with its investment theses, (III) daily management of every aspect of its entity-level business plan, and (IV) ensuring tenants real estate requirements align with ongoing business needs. Rhino’s investment strategy is to identify and acquire value-add multifamily opportunities in select neighborhoods of Boston, as well as office, flex, and industrial properties along the Route 128 belt. Rhino’s capitalization strategy partners with institutional private equity firms as majority stakeholders, as well as high-net worth individuals and friends of the firm.
To date, Rhino Capital Advisors LLC has acquired more than $230 million of real estate assets, and currently has 1 million square feet under management.