New York City-based commercial real estate services firm, Newmark Group Inc., arranged $96.5 million in financing for Framingham’s Atlantic Management for its two Otis Street properties in Westborough.
Atlantic Management will receive $70.5 million to refinance a 406,437-square-foot research and development and industrial building at 50 Otis St., an Amazon Robotics location, which opened in October. Amazon Robotics is a research-and-development subsidiary of Seattle-based online retailer Amazon.
Atlantic will also receive a $26-million construction loan to build a 100,00-square-foot high-bay industrial building at 54 Otis St., slated for delivery in mid-2023. It was approved by the Town of Westborough in May. The building was built-to-suit for Amazon.Â
Atlantic Properties also owns the neighboring former Red’s Farm Stand property at 64 Otis St., which it bought in May 2021.
