JLL Capital Markets said Thursday that it arranged an $83.02-million acquisition financing for National Development’s purchase of 550 Arsenal St., a 260,867-square-foot shopping center located in Watertown, MA and also known as Watertown Mall. The fixed-rate loan was provided by Wells Fargo.
550 Arsenal St. is strategically located in Watertown’s East End, directly adjacent to the one-million-plus- square-foot Arsenal Yards mixed-use destination. The property is anchored by one of the most visited Target locations in New England, with Best Buy, the Massachusetts Registry of Motor Vehicles and Chase Bank completing the tenant roster.
The JLL Capital Markets Debt Advisory team representing the borrower was led by managing directors Henry Schaffer and Andrew Gray, associate Sam Wiesman and analyst Joe Marinaro.
“The retail market in the Northeast is at near record high occupancy levels, with very little new supply coming to market,” said Schaffer. “It’s rare to find value-add opportunities in centers as dominant as 550 Arsenal.”
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