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Barings Provides Financing for Recapitalization of 200 Inner Belt

Nov 17, 2021

Barings, one of the world’s leading investment managers, announced today that it has provided a $120.3 million financing package for the recapitalization of 200 Inner Belt, a fully-leased, mixed used asset in Somerville, MA.

A joint venture between North River Company and Wheelock Street Capital completed the $160 million recapitalization.

“We are excited to partner with North River and Wheelock Street to recapitalize a high quality life science asset in the dynamic Somerville market,” said Jonathan Neff, Director with Barings. “This investment is another example of Barings' value-add real estate investment strategy, which focuses on providing capital for uniquely competitive real estate that attracts innovative and growing tenant demand. We target market locations and projects at the intersection of a highly educated workforce and a significant STEM employer presence.”

The financing from Barings has a five-year term and includes funding for future leasing costs. Newmark’s Boston Debt and Structured Finance Group advised the sponsorship on the financing.

Totaling 190,096 square feet, 200 Inner Belt Road is presently 97 percent leased to a diverse tenant roster. Easily accessible to Route 28 and Interstate 93, 200 Inner Belt Road is situated adjacent to the MBTA Green Line’s upcoming East Somerville station, and in close proximity to Cambridge Crossing, Union Square and Assembly Row.

About Barings

Barings is a $387+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of September 30, 2021 

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