J
LL Capital Markets secured an $83.02 million fixed‑rate acquisition loan for 550 Arsenal Street, a 260,867‑sq‑ft retail complex in Watertown, Massachusetts. The property, anchored by a top‑performing Target, also houses Best Buy, the Massachusetts Registry of Motor Vehicles, and Chase Bank, and sits next to the 1‑million‑sq‑ft Arsenal Yards mixed‑use development. National Development, the borrower, was represented by JLL and the loan was arranged through Wells Fargo.

    Henry Schaffer, Managing Director at JLL Capital Markets, said Northeast retail occupancy is near record highs and new supply is scarce, making value‑add opportunities like 550 Arsenal rare. “Limited premium inventory and strong debt liquidity have spurred lender competition and favorable terms,” he added.

    The deal underscores Greater Boston’s retail resilience, especially in Watertown—a suburb eight miles west of downtown Boston that has seen a 13.7 % population rise since 2010 and an average household income of $153 k. JLL’s Debt Advisory team—Henry Schaffer, Andrew Gray, Sam Wiesman, and Joe Marinaro—led the transaction.