News release

State-of-the-art manufacturing development near Boston financed with $39.1M loan

JLL Capital Markets arranged the construction financing for Davis’ new two-building development, 38 Upton Drive, in a supply-constrained submarket

June 15, 2022

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

BOSTON, June 15, 2022 – JLL Capital Markets announced today it has arranged $39.1 million in construction financing for the development of 38 Upton Drive at Upton Crossing in the Boston-area community of Wilmington, Massachusetts. The project will encompass two state-of-the-art industrial/R&D facilities consisting of 214,440 square feet.

JLL worked on behalf of the Boston-based borrower and developer, Davis, to place the construction loan with Middlesex Savings Bank.

38 Upton Drive is being constructed on a 27-acre site at Upton Crossing in Wilmington, a northern Boston suburb 17 miles from downtown Boston. The new development is located right off Exit 35 on Interstate 93, a major transportation artery connecting the facility to Boston’s urban core, and proximate to Interstates 95 and 495. This strategic location caters to a broad range of tenants looking to access the region and is experiencing high levels of demand along with an aging supply and low vacancy. According to JLL Research, only 104,380 square feet of new development was under construction at the end of 2021, excluding Upton Crossing, all of which is pre-leased.

With an expected delivery in January of 2023, Upton Crossing will offer tenants modern features, including 32-foot clear heights, LED lights, ESFR fire protection and ample parking. The facility will also be part of an industrial park with more than 10 other industrial buildings, three of which are owned by the developer.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Brett Paulsrud and Senior Director Jonathan Schneider. Nick Giberson, Vice President, Investment Real Estate Lending, represented Middlesex Savings Bank.

“The manufacturing and industrial/distribution product types continue to experience exceptional market fundamentals,” Schneider said. “Combined with a premium design and top local sponsorship, Upton Crossing is destined for immediate success.”

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Davis

Davis is a vertically integrated real estate investment, development and management firm headquartered in Boston that has invested $10.8 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows Davis to nimbly tackle complex opportunities. Directly, and with its valued partners, Davis currently owns a real estate portfolio of approximately 11.8 million square feet of office, healthcare and life science, industrial, retail and hospitality properties and over 4,000 residential units across the United States. For further information, visit thedaviscompanies.com.