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PEMBROKE, MA-A Pembroke shopping center has received a $34 million in permanent mortgage financing. Windalier North River Plaza, LLC took out the loan on the 239,123-sf North River Shopping Center on Route 138 near the Marshfield, MA line about 20 miles south of Boston.

The loan agreement was reached with NorthMarq Capital’s Boston regional office. The plaza, one of Pembroke’s few shopping areas, is anchored by a Super Stop & Shop grocery and a Kohl’s department store. Staples is set to move into the plaza next year to bring occupancy to about 100%, Carl Koebler , an analyst with NorthMarq, tells GlobeSt.com.

Built in the 1980s, the plaza’s other tenants include a KaBloom flower store, a UPS Store, Strawberries Music, Payless Shoes, Dress Barn, Olympia Sports and Papa Gino’s. NorthMarq vice president Debbie Orloff, who arranged the loan through NorthMarq’s correspondent, Lehman Brothers, tells GlobeSt.com that a portion of the loan proceeds will be used to construct Staples along with a restaurant pad site that will be located on the property. Because of the property’s “pristine” condition, the capitalization rate on the loan was below 7 %, she adds.

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