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**Wells Fargo Lends $83M for Acquisition of Watertown Retail Center**

JLL Capital Markets has arranged an $83.02 million acquisition financing package 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 fixed-rate loan was provided by Wells Fargo.

550 Arsenal Street is located in Watertown’s East End, adjacent to the 1-million-plus-square-foot Arsenal Yards, a prominent mixed-use development. The shopping center is anchored by one of the highest-traffic Target locations in New England. Other tenants include Best Buy, the Massachusetts Registry of Motor Vehicles, and Chase Bank.

The JLL Capital Markets Debt Advisory team representing the borrower included managing directors Henry Schaffer and Andrew Gray, associate Sam Wiesman, and analyst Joe Marinaro.

“The retail market in the Northeast is at near-record high occupancy levels, with very little new supply coming to market,” said Schaffer. “It’s rare to find value-add opportunities in centers as dominant as 550 Arsenal.”

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