Global Gate Capital and Berkeley Investments Acquire Converted Factory Buildings in Lawrence, MA
NEW YORK — Global Gate Capital and Berkeley Investments have acquired a portfolio of historic factory buildings in Lawrence, Massachusetts. The properties, built in the 1800s and located on the Merrimack River in the Historic North Canal District, total 760,000 square feet.
Three of the buildings, located at 270, 240 and 242 Canal Street, were converted into 372 residential units in 2007 and 2019. The partnership intends to build 63 additional units at 240 Canal Street, for a total of 435 residential units.
The portfolio also includes a 343,000 square foot warehouse located at 250 Canal Street. The investor team plans to make targeted improvements to the assets, including interior renovations and upgraded amenities. Berkeley Investments will act as an operating partner and asset / construction manager and will be supported by Princeton Properties for property management. Debt financing for the project was provided by CIBC Inc.
Rudy Sayegh, CEO of Global Gate Capital, said: “We are delighted to finalize this investment, which represents our 5th transaction in the United States in the past 24 months. We have been investing in multi-family buildings in the United States since 2014 and are delighted to continue to grow our portfolio. “
Philip Tager, Head of US Real Estate at Global Gate Capital, added: “We are delighted to partner with Berkeley Investments on this project, the first of what we hope will be of many deals going together. Berkeley is a very experienced and respected owner / operator of Greater Boston, a market in which Global Gate is keen to invest more.
“We support the City of Lawrence’s continued efforts to reimagine the Canal District and the city as a dynamic economic engine for the entire region and look forward to investing more in these historic and unique buildings,” said Young Park , president of Berkeley Investments.
Global Gate Capital is an investment and wealth management firm that invests in multiple asset classes including real estate, private equity, credit and listed securities. Global Gate has been investing in real estate since its inception and has deployed significant assets under management across the asset class. With offices in Geneva, London, New York, Düsseldorf and Dubai, Global Gate has grown its assets under management to over $ 4.5 billion since its inception in 2013.
Berkeley Investments is a Boston-based real estate investment and development firm founded by Young K. Park in 1991. It is a vertically integrated company with proven in-house capabilities in property, asset, management and management. construction and development. Since its inception, Berkeley has acquired and / or developed over 17 million square feet of commercial, flexible, parking and multi-family office assets.
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