Holliday Fenoglio & Fowler arranged $1.61 million infinancing for the deal, with Provident Bank providing thefixed-rate, 15-year note. Robert M. Herron of HFF's Boston officeoversaw the transaction. The company, he says, "was able to find avery creative and effective local lender who became comfortablewith this property and the capital structure that was proposed toproceed with the loan."
Adding to the stability of the deal, says Herron, was a completerehab and expansion of the building in 1995. Haverhill itself haslaunched an active revitalization program for the downtown area,one that is beginning to yield investment interest in the northernMassachusetts community.
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