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 now fully leased to tenants that include the Massachusetts Registry of Motor Vehicles and a Sav-A-Lot grocery store.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.