BY BOSTON REAL ESTATE TIMES • SEPTEMBER 14, 2017
BOSTON—Valencia Realty Capital, a provider of flexible, cost-efficient debt capital for commercial real estate investors and borrowers, announced today that it has arranged $4.5 million in acquisition financing for a cold-storage warehouse facility in Newburyport, MA, covering nearly 100 percent of the acquisition cost.
Located at 2 Opportunity Way in Newburyport, the vacant 89,000-square-foot facility was purchased by the borrower from a national Real Estate Investment Trust (REIT).
“This property is in a highly supply-constrained North Shore cold storage market,” said Stephen Smeke, Managing Director of Boston-based Valencia Realty Capital. “The new owner is in discussions with a number of potential tenants. We are very pleased to have arranged both senior and mezzanine financing for this property, covering almost 100 percent of the total acquisition cost.”
Smeke said that the borrower was able to do an expedited closing on the loan and was very pleased with Valencia’s process and efficiency.
“The lender allowed our client to receive high leverage and an expedited closing in a timely manner,” added Mr. Smeke.
Valencia Realty Capital team worked on behalf of the buyer to secure the financing from a commercial lender.
Built in 1994 and expanded in 2008, the property is strategically located in Newburyport at the mouth of the Merrimack River, 14 miles east of Haverhill, 30 miles north of Boston, and 70 miles south of Portland, Maine. It has a clearance height of 26 feet and about 14 percent of the building is office space.