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WORCESTER, MA-First mortgage financing in the amount of $8.7 million was secured for a 68,966-sf Price Chopper retail site. The new store is situated at 50 Cambridge St. in the southwest section of the city near Route 190 and the Massachusetts Turnpike. Price Chopper signed a twenty-five year lease.

Senior managing director Jay Marshall and senior real estate analyst Kristin Brozek of the Westport, CT office of Holliday Fenoglio Fowler LP worked on behalf of O’Connell Development Group Inc. to secure the ten-year, six-month forward, fixed-rate loan through Protective Life Insurance Co., a correspondent lender. O’Connell Development Group Inc. is a Massachusetts-based firm that develops retail, office, industrial, medical and multifamily properties.

The site was previously occupied by a 536,000-sf Reed & Prince manufacturing facility. Originally constructed in the early 1900s, the buildings were dilapidated and hadenvironmental issues. O’Connell Development Group cleaned up the site and redeveloped it into its current retail use.

“Although a strong operator, Price Chopper does not carry an investment grade rating so financing the single tenant property on a forward commitment basis was a bit tricky,” says Marshall. “Protective Life, however, is bullish on Price Chopper and was attracted to the demographics of the densely packed neighborhood despite its secondary market status.”

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