MARLBOROUGH, MA–BEB Lending, the financing platform of BEB Capital, announced that it has provided a $5.85 million bridge loan to Patriot Holding to finance the acquisition of an industrial property at 894-896 Boston Post Road in Marlborough, Mass.
The transaction represents BEB’s first in Massachusetts. The duration of the financing is 18 months.
“This transaction is a perfect example of why we created BEB Lending,” said Sean Silverbrook, Vice President of BEB Lending. “We were able to provide Patriot Holding, an institutional owner, access to financing to acquire this industrial asset which will provide a unique value-added opportunity with tremendous upside. This property gives them the opportunity to use both the existing square footage as well as the outdoor space for storage. We are thrilled to partner on our first transaction in Massachusetts and look forward to building a long term relationship. »
BEB Capital created BEB Lending to provide fast and creative financing solutions for commercial real estate assets in primary and secondary markets across the United States, with typical loans ranging from $5 million to $50 million. In February, the company announced that BEB Lending had achieved a key milestone of exceeding $100 million in capital deployed in less than two years of operation. The company is targeting an additional $150 million by the end of 2022.
BEB was represented internally by Lee Brodsky, Keyvan Ghaytanchi and Sean Silverbrook. Patriot Holdings was represented by Alec Neeshman of Atlas Real Estate Capital.
894 Boston Post Road, totaling 98,000 square feet, was built in 1984 and features five drive-in loading docks with a clear height of 24 feet. The building is less than seven miles from major highways I-495, I-90, and I-290 and less than 25 miles from Worchester and Boston, Massachusetts.