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Shopping Center Secures $21M in Permanent Financing

MARLBOROUGH, MA-Permanent financing in the amount of $21 million is arranged for the acquisition of the Shops at the Pond, a 103,267-sf shopping center located at the intersection of routes 290 and 495. Kimco Realty Trust purchased the shopping center for $26.5 million this past February.

By Naomi Grossman | Updated on June 23, 2004

MARLBOROUGH, MA-Permanent financing in the amount of $21 million was secured for the acquisition of the Shops at the Pond, a 103,267-sf shopping center. Kimco Realty Trust acquired the shopping center for $26.5 million this past February. A partnership including New England Development and SR Weiner and Co. sold the property, which was built in 2003.

Steve Henderson, a senior director with the Hartford, CT office of Tremont Realty Capital, arranged the loan, which was funded through a regional bank. According to Henderson, “the borrower was seeking conduit terms, but with a portfolio lender. The client also did not want to have reserves collected. We were able to provide them with offers from three of our bank clients matching their needs.” He adds that the deal closed in just over 30 days.

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