Developers Secure $57M Construction Loan For Boston-Area Industrial Project
A team made up of Camber Development and Wheelock Street Capital secured a construction loan for a logistics development in the Boston suburbs.
The developers obtained a $57M loan from an undisclosed national bank for a 238K SF industrial project at 800 Salem St. in Wilmington, they announced in a press release Tuesday. Construction is underway and is expected to be completed in the third quarter.
The property is planned to include 47 docks and parking for 332 vehicles and 33 trailers. The building is also one of the first fully electric warehouses in the state. The developers bought the site in 2022 for $35.2M.
A JLL Capital Markets team led by Steven Klein, Brett Paulsrud and Ryan Parker represented the borrowers in the deal.
Camber has 14 industrial projects in several suburban markets, including Billerica, Canton and Bedford. In 2022, Camber and Wheelock acquired a multitenant industrial building in Woburn for $24M, ConnectCRE reported. The 89K SF property is at 45 Industrial Way in Woburn.
The Wilmington development is one of the few that have broken ground in Greater Boston as development has sharply declined.
While 6.5M SF of industrial space delivered in the region last year, the pipeline has slowed to just 1.2M SF under construction as of year's end, roughly in line with the period before the pandemic-era industrial boom, according to Newmark's Q4 Boston industrial report. Most of these projects don't have tenants, which has led to developers focusing on leasing the spec-built space on the market rather than building more, the report says.
