## KEY TAKEAWAYS
- Northwest Bank provided $34.5 million in acquisition financing for Luzern Associates' $47.75 million purchase of a 200,000-square-foot, three-building industrial campus at Cherry Hill Business Park in Beverly, Massachusetts.
- The portfolio is anchored by Medtronic, the world's largest medical device company by revenue, which occupies approximately 70 percent of the square footage and has occupied the buildings for 42 years.
- Medtronic currently pays below-market rents with a long-term commitment to the space, presenting upside potential for the new ownership under Luzern Associates.
- Northwest Bank's expansion into East Coast commercial real estate originations is reflected in this deal, with the bank hiring senior talent like Adam Dubeshter to target institutional-quality sponsors and stabilized assets in strong markets east of the Mississippi River.
- The industrial market in New England, particularly between Boston and New Hampshire, remains one of the strongest in the country, driving strong lender competition for the acquisition.
## DETAILED SUMMARY
Luzern Associates has secured $34.5 million in acquisition financing from Northwest Bank to purchase a three-building industrial portfolio in Beverly, Massachusetts, for $47.75 million. The 200,000-square-foot campus, known as Cherry Hill Business Park, was previously owned by Massachusetts developer R.J. Kelly and represents a significant deployment of capital into the New England industrial market.
The portfolio's primary tenant is Medtronic, the world's largest medical device company by revenue, which accounts for roughly 70 percent of the occupied square footage. Medtronic has anchored the buildings for 42 years, providing stability and long-term tenant relationships. According to Adam Dubeshter, commercial relationship manager at Northwest Bank, Medtronic's current rent structure remains below market rates, with the company committed to maintaining its long-term presence at the facility. This dynamic creates meaningful value-add potential for Luzern Associates to capture upside through rent normalization over time.
Northwest Bank's willingness to finance this deal underscores the bank's strategic expansion into East Coast commercial real estate originations. Dubeshter, who joined Northwest Bank in early 2026 from Amalgamated Bank, was specifically hired to pursue institutional-quality sponsors and stabilized assets in strong markets. Shawn Dorsey, head of CRE banking at Northwest Bank, emphasized that the Cherry Hill transaction exemplifies the types of deals the bank is targeting. The transaction attracted significant lender competition, with interest from life insurance companies, banks, and credit unions, reflecting both the quality of the asset and the strength of the New England industrial market, which Dubeshter characterized as "probably one of the strongest in the country."
