NEW YORK--(BUSINESS WIRE)--Global Gate Capital and Berkeley Investments have acquired a portfolio of historic mill buildings in Lawrence, Massachusetts. The properties, built in the 1800’s and located on the Merrimack River in the North Canal Historic District, comprise an aggregate of 760,000 square feet. Three of the buildings, located at 270, 240 and 242 Canal Street, were converted to 372 residential units in 2007 and 2019. The partnership intends to construct an additional 63 units at 240 Canal Street, for a total of 435 residential units. The portfolio also includes a 343,000 square foot warehouse located at 250 Canal Street. The investor team plans to make targeted improvements to the assets including interior renovations and improved amenities. Berkeley Investments will act as operating partner and asset/construction manager and will be supported by Princeton Properties for property management. Debt financing for the project was provided by CIBC Inc.
Rudy Sayegh, CEO of Global Gate Capital, said: “We are pleased to complete this investment which represents our 5th US transaction in the last 24 months. We have been investing in US multifamily since 2014 and are excited to continue to grow our portfolio.”
Philip Tager, Head of US Real Estate at Global Gate Capital, said: “We are delighted to be teaming up with Berkeley Investments on this project, the first of what we hope will be many transactions pursued together. Berkeley is a highly experienced and respected owner/operator in greater Boston, a market Global Gate is keen to invest more in.”
Young Park, President of Berkeley Investments, said: “We support the ongoing efforts of the City of Lawrence to re-imagine the Canal District and the city as a vibrant economic engine for the entire region and look forward to further investment in these historic and unique buildings.”
Global Gate Capital is an investment and wealth management firm that invests in multiple asset classes including real estate, private equity, credit, and listed securities. Global Gate has been investing in real estate since its inception and has deployed significant AUM in the asset class. With offices in Geneva, London, New York, Düsseldorf, and Dubai, Global Gate has grown its assets under management to over $4.5bn since its founding in 2013.
Berkeley Investments is a Boston-based, real estate investment and development company founded by Young K. Park in 1991. It is a vertically integrated firm with proven in-house property, asset, construction and development management capabilities. Since inception, Berkeley has acquired and/or developed in excess of 17 million square feet of commercial office, flex, parking and multi-family assets.