Investment Type: First Mortgage
Loan Amount: $11,560,000
Location: Taunton, Massachusetts
Property Type: Industrial
Closing Date: January 22, 2021
In January 2021, Shem Creek financed the acquisition of 50 John Hancock in Taunton, MA with a three-year bridge loan. The loan proceeds helped facilitate the purchase, renovation and re-leasing of the 151,306 square-foot property.
This Class B industrial building was situated in the 1,000-acre Myles Standish Industrial Park, one of the largest industrial parks in New England and a premier industrial address for the Boston area. 50 John Hancock has strong access to the regional interstate highway system, and its location serves both the Boston and Providence metro areas.
Although the building was delivered fully vacant at closing, the building offered functional space that served a variety of uses, and the Property’s design provided flexibility in marketing the building for either single-tenant or multi-tenant occupancy. After carrying out significant capital improvements, the sponsor was able to re-lease the building and stabilize the asset.
