LAWRENCE, MA- Looking to take advantage of lower interest rates, the owner of a 63,731-sf, fully leased shopping plaza on Route 114 has taken out a $4-million long-term loan. The neighborhood retail center was built in 1988 and is part of an 181,000-sf shopping center consisting of five separate retail buildings on about 12 acres of land.
The 10-year loan with a three-year amortization schedule was arranged for the owner, Capwell Lawrence LLC, through Principal Global Investors by CBRE/Melody's Stamford, CT office. "They didn't have any meaningful debt on the property and were interested in taking advantage low interest rates in a long term, non-recourse mortgage," says Tim Harwood, who, along with colleagues Ron Roth and Bill Catanzaro, arranged the permanent financing package.
The plaza was acquired by Capwell in 2002. It is leased to tenants that include the Massachusetts Registry of Motor Vehicles and a Sav-A-Lot grocery store.
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