The so-called Veterans Boulevard portfolio consists of 390, 400, 420 and 440 Veterans Blvd., and 484 Washington Ave. Four of the five sites are built out, three with one-story office buildings, the largest being 40,000 sf, and the other with a one-story former bank branch. The latter is currently leased to but not occupied by Fleet Bank.
The fifth property is an undeveloped, 1.43-acre site, which the borrower intends to develop into either a combination office/warehouse building, or a commercial property. All five of the covered assets were cross-defaulted.
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