Northwest Bank provides $34.5 million loan for Luzern Associates' $47.75 million Cherry Hill industrial portfolio acquisition
NWBI•Northwest Bank provided $34.5 million in financing for Luzern Associates' $47.75 million industrial portfolio acquisition. The three-building campus in Danvers, Massachusetts, totals nearly 200,000 square feet and is fully occupied.
1. Loan and property details
Northwest Bank provided commercial real estate financing for Luzern Associates' acquisition, with a strategic investor's equity funding the remainder of the purchase price. Medtronic occupies about 70% of the portfolio's square footage.
