Northwest Bank has provided $34.5 million in financing to support Luzern Associates LLC's $47.75 million acquisition of the Cherry Hill industrial portfolio in Danvers, Massachusetts. The portfolio consists of three industrial buildings totaling nearly 200,000 square feet in Boston's North Shore region. The properties are fully occupied, with Medtronic, one of the world's largest medical device companies, accounting for approximately 70% of the portfolio's total square footage.
The transaction was handled through Northwest Bank's Institutional Commercial Real Estate platform, which provides customized financing solutions to experienced real estate sponsors, private equity firms, REITs and institutional investors east of the Mississippi River. The remaining purchase price was funded through equity from a strategic investor. Luzern Associates is a vertically integrated real estate private equity firm based in Greenwich, Connecticut, with approximately $150 million in assets under management. Founded in 2005, the firm develops, owns and operates industrial, office and multifamily properties throughout the Northeast and Mid-Atlantic. Advisers on the transaction included Nick Bass, partner at Bricker Graydon Wyatt; James Moore, real estate paralegal at Bricker Graydon Wyatt; and Andrew Stone, senior vice president at CBRE.
The acquisition adds a significant industrial asset to Luzern's portfolio and underscores Northwest Bank's focus on providing financing solutions for complex real estate investments in key growth markets. The Cherry Hill portfolio benefits from its location within the Greater Boston industrial market, with access to major transportation corridors and proximity to a concentration of life sciences, manufacturing and technology companies. The properties are also home to companies operating across several sectors, including life sciences, manufacturing, home services and technology.
What remains unknown from the single source is the specific loan-to-value ratio, interest rate, loan term, or other financing terms beyond the stated loan and purchase amounts. The identity of the strategic equity investor was not disclosed. The source also does not provide the individual building addresses, square footage breakdowns by building, or the historical performance and occupancy history of the portfolio prior to the acquisition.