Northmarq’s Boston office completes acquisition financing of $2,325,000 for industrial property in Taunton, Massachusetts

BOSTON, MASSACHUSETTS (February 9, 2022) – Daniel Karp, vice president of Northmarq’s Boston-based regional office, arranged acquisition financing of $2,325,000 for a 25,326 sq. ft. industrial property located at 25 Constitution Drive in Taunton, Massachusetts. Northmarq secured the permanent-fixed loan for the borrower through its relationship with a commercial bank. 

“We are excited to have secured non-recourse long-term financing for the borrower,” said Karp. Located in the city of Taunton, Massachusetts within Bristol County. The city is situated in Southeastern Massachusetts and is bordered by Rehoboth and Norton to the west, Easton to the north, Raynham and Lakeville to the east, and Berkley and Dighton to the south. Taunton is located approximately 35± miles south of Boston and 15± miles northeast of Providence, Rhode Island. 

Taunton is home to the Myles Standish Industrial Park, a well established development located immediately off of Interstate Route 495 at Exit 9. The park is bordered on the east by Bay Road and has direct access to State Route 140 to the west. The park is situated on land that was formerly the location of a US Army base named Camp Myles Standish. The park contains over 1,000 acres of land area and is home to 100+ companies employing over 7,400 people and occupying approximately 5.8 million square feet of building space. Uses vary but include; manufacturing, warehouse, distribution, and office. 

One of the Principals for the borrowing group stated that “Working with Dan at Northmarq for this acquisition was a win, as we were able to secure an aggressive rate in a rising rate environment with max leverage.”