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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