A partnership that owns a Peabody distribution center leased to an e-commerce company refinanced its debt with $52.7 million from MassMutual’s Barings subsidiary.
The 370,000-square-foot warehouse and distribution center at 140 Summit St. in Centennial Park is scheduled to expand with an additional 83,000-square-foot high bay warehouse space.
Boston-based Oliver Street Capital and Bain Capital Real Estate originally obtained $42.25 million in financing from U.S. Bank in 2021.
The Barings loan replaces the original acquisition financing, according to brokerage Colliers. Colliers’ Executive Vice President John Broderick and Vice President Patrick Boyle represented Oliver Street and Bain in sourcing the financing.
“Barings delivered market-leading terms that allow Oliver Street and Bain to retire the existing debt as well as fund construction dollars for the tenant to expand and consolidate its operations,” Broderick said in a statement.