Berkeley Garbe Secures $35.4M Financing via Hunneman/MetLife for New Billerica Advanced Mfg

BILLERICA — Berkeley Garbe has secured a $35.4 million financing package for 161 Concord Road, a new advanced manufacturing and innovation hub in Billerica that is about 30% complete, with construction beginning in June. The project is on track to be completed in April 2027.

MetLife Investment Management originated the loan. Andrew Kaeyer and the Capital Markets Team at Hunneman, Boston, arranged the transaction.

This new advanced manufacturing and innovation hub is taking shape along the Route 3 Corridor, one of Greater Boston’s most established centers for technology and industrial growth. Situated on 23 acres just off Route 3 in Billerica and approximately 20 minutes north of Boston and Cambridge, 161 Concord is being developed by Berkeley Garbe to meet growing demand from advanced manufacturing and R&D sectors that have long fueled the region’s economy.

Samara Kaufman, Senior Managing Director of Finance at Berkeley Garbe, said the financing reflects the company’s continued investment in flexible research and development space while providing long-term capital for the project.

“161 Concord Road is a reflection of Berkeley Garbe’s ongoing commitment to providing new and modern Flex / R&D space to help support and nurture high-growth industries north of Boston and along the Route 3 corridor,” Kaufman said. “This MetLife Investment Management financing recognizes the unique opportunity presented by this development to provide a new, state-of-the-art property that offers higher quality flex and R&D space than is currently available in the market.”

The project can support a range of high-growth industries, including aerospace, robotics, life sciences, medical devices, semiconductor manufacturing, computer hardware, and battery technologies. The development also comes as investment in AI infrastructure continues to accelerate, potentially increasing demand for specialized industrial and research facilities where the advanced hardware and technologies that support AI and data centers are developed and manufactured. Berkeley Garbe said the property is positioned to serve companies seeking modern facilities as well as access to the highly skilled technical and engineering workforce across communities north of Boston and into southern New Hampshire.

Berkeley Garbe has engaged Jason Levendusky, Michael Dalton, and their team at Avison Young as the property’s exclusive leasing agents.

The planned facility will feature 28-foot clear heights, ample loading capacity and 264 parking spaces, as well as an existing dedicated traffic signal and turn lane. The building will also have substantial power capacity and the potential to accommodate a second-level mezzanine based on future tenant requirements.

Samara Kaufman