JV Camber/GEM’s Ballardvale Gets $40.8M in Refinancing via C&W/M&T
July 16, 2026
Wilmington — Cushman & Wakefield has arranged a $40.8 million refinancing for a two-building manufacturing and R&D portfolio at 299 and 301 Ballardvale Street in Wilmington, Massachusetts.
According to a release, the assets, totaling 200,750 SF of high-quality manufacturing and R&D space, were enhanced and fully stabilized by ownership, a joint venture between Camber Development and GEM Realty Capital, over the past 12 months, increasing occupancy from 72% to 100% across a diversified tenant roster.
“This product and business plan execution aligns with our strategy to invest in institutional-quality assets that attract a variety of strong tenants seeking functional and well-located manufacturing and R&D space,” said Jake Lewis, Head of Asset Management at GEM.
These properties have immediate access to Interstates 93 and 95, providing efficient connectivity throughout Greater Boston and the region’s deep and specialized labor pool. Additionally, the buildings’ flexible physical characteristics support a range of uses, courtesy of the floor plates, high clear heights, ample loading capacity, and infrastructure suited for advanced production.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of Rob Borden, Heather Brown, Rehan Munsiff, and Nolan Alexander represented the borrower in securing the refinancing, provided by M&T Bank.
“This transaction showcases a high-quality portfolio where the borrower created significant value through a disciplined lease-up and stabilization strategy,” said Rob Borden at Cushman & Wakefield. “The assets generated strong interest from a diverse pool of capital sources, resulting in a highly competitive financing process, and the outcome is a testament to the successful execution of Camber and GEM.”
“We’re proud to build upon our strong partnership with Camber Development and GEM Realty Capital to support a growing business focused on research, development and innovation,” said Corey Rosenfield, Senior Vice President and Regional Head of Commercial Real Estate at M&T Bank. “We value our continued collaboration and remain committed to investments that strengthen manufacturing and R&D sectors while driving economic growth in the local economy.”
The refinancing underscores the growing confidence institutional lenders and investors are placing in Greater Boston’s advanced manufacturing and R&D sector and reinforces Camber and GEM’s strategy of identifying and executing high-conviction opportunities in the space.
