Luzern Associates has obtained $34.5 million in acquisition financing from Northwest Bank for the purchase of Cherry Hill Business Park, a three-building industrial campus in Beverly, Massachusetts.
The loan supports Luzern's $47.75 million acquisition of the approximately 200,000-square-foot portfolio from Massachusetts developer R J Kelly. The properties are located on Boston's North Shore, a submarket serving tenants seeking industrial space outside the city.
Based on the disclosed financing and purchase price, the debt represents roughly 72 percent of the acquisition value. The transaction adds another industrial portfolio to the region's commercial-property investment market.
The financing was first reported by Commercial Observer.
