Holliday Fenoglio & Fowler arranged $1.61 million in financing for the deal, with Provident Bank providing the fixed-rate, 15-year note. Robert M. Herron of HFF's Boston office oversaw the transaction. The company, he says, "was able to find a very creative and effective local lender who became comfortable with this property and the capital structure that was proposed to proceed with the loan."
Adding to the stability of the deal, says Herron, was a complete rehab and expansion of the building in 1995. Haverhill itself has launched an active revitalization program for the downtown area, one that is beginning to yield investment interest in the northern Massachusetts community.
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