Northwest Bank finances Luzern Associates’ $47.75m acquisition

Danvers, MA Northwest Bank provided $34.5 million in financing to support Luzern Associates LLC’s $47.75 million acquisition of the Cherry Hill industrial portfolio, a three-building campus totaling 200,000 s/f.

The portfolio is fully occupied with Medtronic, one of the world’s largest medical device companies, accounting for 70% of its total space. The properties also serve companies in industries that include life sciences, manufacturing, home services and technology.

Northwest Bank provided a commercial real estate loan for the acquisition, with the balance of the purchase price funded through equity from a strategic investor.

“The Cherry Hill acquisition highlights what Northwest does best. We pair the capital markets expertise, industry knowledge and financing capabilities needed to support significant commercial real estate transactions with the responsiveness and personal attention clients expect from a neighborhood bank,” said Adam Dubeshter, CRE commercial relationship manager, Northwest Bank.

Northwest Bank’s Institutional Commercial Real Estate platform is focused on delivering customized capital solutions to experienced real estate sponsors, private equity firms, REITs, and institutional investors east of the Mississippi River. Leveraging deep industry expertise, a relationship-driven approach, and the strength of a full-service financial institution, our team provides financing for acquisitions, development, redevelopment, and recapitalization opportunities across a diverse range of property types. The platform is designed to meet the complex needs of institutional-quality sponsorship groups, offering certainty of execution, responsive decision-making, and scalable lending capacity while serving as a long-term strategic partner throughout the investment lifecycle.

“Northwest distinguished itself through its attentiveness, certainty of execution and ability to structure a financing solution that met our needs,” said Nicholas Campofranco, principal and chief investment officer, Luzern Associates. “Their team understood both the asset and the market, and they delivered exactly what they committed to throughout the process.”

Cherry Hill benefits from its location within the Greater Boston industrial market, offering proximity to major transportation corridors and a strong concentration of life sciences, manufacturing and technology companies.

Also advising on the deal were Nick Bass, partner, Bricker Graydon Wyatt; James Moore, real estate paralegal, Bricker Graydon Wyatt; and Andrew Stone, senior vice president at CBRE.

The transaction further expands Northwest Bank’s commercial real estate lending activity across key growth markets and demonstrates the bank’s ability to provide financing solutions for sophisticated investment sponsors.