(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the debt and equity markets, click here.)
BOSTON-Two shopping centers in Brighton, MA and Nashua, NH have received $11 million in permanent financing that will help pay off the centers' existing debt and give the borrower working capital to develop new projects.
Ted M. Sidel, a principal with EagleBridge Capital, of Boston, tells GlobeSt.com that the funds went to locally based Park Center LLC, the developer of both Park Center Plaza on Washington Street in Brighton and Amherst Plaza, on Amherst Street in Nashua, NH.
"It enabled the owner to payoff a local bank and obtain a long-term fixed rate," sys Sidel, noting that some of the funds will also be used to provide working capital on future development projects.
Both shopping plazas, which are both about two years old and more than 95% leased, are collectively valued at more than $15 million, he says. The loan was arranged by Sidel and Brian D. Sheehan, also a principal with EagleBridge Capital, through a Wall Street lender.
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