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NEWTON, MA-Permanent financing in the amount of $8.5 million has been secured for Piccadilly Square, a three-property retail/office property located in Newton Centre. Tim O’Donnell, managing director/principal of Fantini & Gorga/iCap arranged the loan.

Piccadilly Square consists of three buildings located on Union and Centre Streets. The buildings total 75,441 sf and are 100% leased to 73 tenants including Christine’s Day Sap, Union Street Restaurant and Saparro Restaurant. The properties were built at various times between 1877 and 1920 and have been upgraded over the years by the Boston Development Group.

An MBTA station is directly across from two of the properties on Union Street, and the location stands at the intersection of the major roads serving Newton and the surrounding towns.

O’Donnell notes that the lender is a major life insurance company headquartered outside the US. “The lender understood the strength of this location, the great demographics, and the stable track record of the asset through up and down cycles,” he adds.

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