Massachusetts data center receives $10.35M financing
JLL Capital Markets arranged the acquisition loan for Rhino Capital Advisors
BOSTON, July 22, 2020 – JLL Capital Markets announced today that it has arranged $10.35 million in acquisition senior financing for 456 Bedford St., a 199,902-square-foot flex property and state-of-the-art data center in the southern Massachusetts community of Fall River.
JLL worked on behalf of the borrower, Boston-based Rhino Capital Advisors LLC, to place the, fixed-rate, non-resource loan with Cambridge Savings Bank.
Rhino Capital Advisors LLC acquired the property in a sale-leaseback transaction with the seller and tenant, which signed a new 10-year lease. The tenant offers information technology services to a list of Fortune 500 companies. Divided into two sections, the front section consists of a two-story granite structure with three-foot exterior walls recently built out as a state-of-the-art Tier III/IV, raised-floor data center and office space, while the rear section is a three-story mill that the tenant intends to use for future growth. Situated on 3.27 acres, the property’s Fall River location provides proximity to both Boston and Providence. 456 Bedford St. is within the Attleboro/New Bedford submarket, which is one of New England’s premier industrial markets. The market benefits from a highly accessible location with immediate access to major highways, including Interstate 195 and Routes 24 and 6, providing east-west and north-south mobility.
The Capital Markets debt placement team representing the borrower was led by Senior Director Brett Paulsrud and Associate Madeline Joyce.
“Given the current state of the market, there is a renewed interest in data centers from investors,” Paulsrud said. “This was a timely acquisition on Rhino’s behalf and a great addition to its portfolio. Both Rhino Capital and Cambridge Savings Bank worked patiently and flawlessly through the closing process despite the market challenges created by COVID-19.”
Paulsrud assisted the borrower in March with a refinancing on 271 Ballardvale St., a light manufacturing industrial building in Wilmington, Massachusetts.
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 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.