Updated Mar 25, 2025
BMO Provides $45 Million Recapitalization Loan For Berkeley And Invesco's Industrial Property In Norwood
244 Vanderbilt Avenue, 23 Rainin Road, 33 Manning Road & 37 Manning Road
$45,000,000
$51/SF
Building Size
217,000 SF
Asset Type
Industrial
Closing
Mar 24, 2025
About this deal
AI
The property involved in this transaction is an industrial asset located at 244 Vanderbilt Avenue in the Norwood market. The loan amount secured for this asset is $45,000,000.00, with the transaction classified as a recapitalization.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $45,000,000.00
- Loan Type: Recapitalization
- Address: 244 Vanderbilt Avenue
- Market: Norwood
- Lender: BMO
- Landlord: Berkeley and Invesco
- Brokers: Michael (Mike) Restivo (JLL), Andrew Gray (JLL), David Coffman (JLL), Alison (Ali) Howard (JLL), Brett Paulsrud (JLL), Hugh Doherty (JLL)
The transaction involved multiple representatives from JLL, contributing to the brokerage efforts for the landlords Berkeley and Invesco. Their expertise facilitated the recapitalization of the property, highlighting a collaborative effort in handling the deal.
On the Map
$45,000,000
$51/SF
Industrial
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Players
Norwood Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93