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**Wells Fargo Provides $83M Financing for Acquisition of Watertown Mall**
JLL Capital Markets has announced that it arranged $83.02 million in acquisition financing for National Development’s purchase of 550 Arsenal Street, a 260,867-square-foot shopping center in Watertown, Massachusetts. Commonly known as Watertown Mall, the retail property is located in the East End of Watertown and is adjacent to the over one-million-square-foot mixed-use development, Arsenal Yards.
Wells Fargo provided the fixed-rate loan for the transaction.
The shopping center is anchored by one of the most frequented Target locations in New England. Additional tenants include Best Buy, the Massachusetts Registry of Motor Vehicles, and Chase Bank, reinforcing the property’s status as a high-traffic retail hub.
Representing the borrower in the financing process was JLL’s Capital Markets Debt Advisory team. The team was led by Managing Directors Henry Schaffer and Andrew Gray, along with Associate Sam Wiesman and Analyst Joe Marinaro.
Commenting on the transaction, Schaffer noted, “The retail market in the Northeast is at near record high occupancy levels, with very little new supply coming to market. It’s rare to find value-add opportunities in centers as dominant as 550 Arsenal.”
The acquisition highlights strong investor confidence in well-located retail assets amidst tightening market conditions.
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