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MANSFIELD, MA-Calare Properties Inc has received $9 million in financing from CBRE|Melody's Boston office. The money will allow the Hudson firm to acquire and refurbish a vacant 231,000-sf industrial and warehouse building at 60 Maple St.
"We're refurbishing the entire property in order to make 60 Maple a marquee industrial and warehouse building in the Mansfield area," says William Manley, founder and president of Calare Properties, in a statement.
Frank Petz, managing director of CBRE|Melody says Calare Properties was able to win high leverage financing for the property because of good asset fundamentals and strong sponsorship. The funding provided 80% of the purchase price along with additional funds for tenant improvements, operating shortfall and interest, Petz says.
The 231-sf, two-story building is located on 14.8-acres and has 20 loading docks. Funding for the property was provided by NewStar Financial Inc. a Boston-based specialty finance company.
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