Young K. Park Secures $35.4M Loan From MetLife For Development Site In Billerica MA

The property asset involved is a development site located at 161 Concord Road in Billerica, MA. The site spans 23 acres and has a balanced square footage of 150,000. It is positioned in an actively developing market, which is conducive to the establishment of a flex/R&D facility. The transaction facilitated a substantial investment aimed at construction and leasing endeavors.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $35,400,000
• Address: 161 Concord Road
• Market: Billerica, MA
• Asset Size: 150,000 square feet
• Acres: 23
• Lender: MetLife Investment Management
• Landlord: Young K. Park - Berkeley Garbe
• Broker: Andrew Kaeyer - Hunneman
• Loan Type: Construction

The deal involved key stakeholders, with Young K. Park representing Berkeley Garbe in securing the financing. The loan was sourced from MetLife Investment Management, providing crucial support for the development initiative aimed at facilitating the construction and leasing processes for the facility.