Image courtesy of JLL

The developer that acquired the shuttered Silver City Gallery mall in Taunton will begin the first phase of a 147-acre business park after obtaining financing from BMO Harris Bank.

Portman Industrial plans to develop the Silver City Business Park on the property, which it acquired in 2021 for $75 million.

The mall closed in February 2020 after losing anchor tenants Sears, Macy’s and Best Buy.

The first phase includes a 248,435-square-foot industrial building with 38 docks and 32-foot clear heights.

JLL sourced the financing on behalf of Portman. The site has high-capacity utilities and proximity to Routes 140 and Route 24, providing access to a population of 9.3 million within a two-hour drive, JLL said.

“The ability to secure speculative development financing in this turbulent capital markets environment is a testament to Portman Industrial’s brand name as well as the quality and scale of Silver City Business Park. BMO Harris provided a seamless execution at a time when development capital from national banks has become scarce,” JLL Senior Managing Director Brett Paulsrud said in a statement.