BOSTON, Nov. 6, 2025 – JLL Capital Markets announced today that it has arranged a $83.02 million acquisition financing for 550 Arsenal Street, a 260,867-square-foot shopping center located in Watertown, Massachusetts.
JLL represented the borrower, National Development, in securing a fixed-rate loan through Wells Fargo.
550 Arsenal Street is strategically located in Watertown's dynamic East End, directly adjacent to the one million-plus square foot Arsenal Yards mixed-use destination. The property is anchored by one of the most visited Target locations in New England, with Best Buy, the Massachusetts Registry of Motor Vehicles and Chase Bank rounding out the current tenant roster.
Watertown has emerged as a premier retail corridor with Boston’s first-class real estate market, located just eight miles west of Downtown Boston and seven miles west of Kendall Square. The area has experienced a 13.7% population increase since 2010 and benefits from favorable demographics including a $153,000 average household income.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Directors Henry Schaffer and Andrew Gray, Associate Sam Wiesman and Analyst Joe Marinaro.
"The retail market in the Northeast is at near record high occupancy levels, with very little new supply coming to market. It’s rare to find value-add opportunities in centers as dominant as 550 Arsenal," Schaffer commented. " Exceptional debt market liquidity combined with limited supply of premium retail assets has created intense lender competition, with capital sources aggressively pursuing the few quality opportunities and delivering attractive financing terms."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About National Development
National Development is a vertically integrated real estate investment, development and management company. One of Boston’s leading firms for over 40 years, it invests throughout the Northeast, helping to shape communities across the region through a legacy of transformative properties. The firm has earned a reputation for delivering long-term value by thoughtfully navigating complexity through the creativity and deep experience of its team. National Development has developed and/or acquired more than 40 million square feet across a diverse range of property types and manages over $6 billion of assets through a series of fully discretionary real estate investment funds. For more information visit natdev.com.