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NANTUCKET, MA-A Boston-based real estate developer has received a $7.5-million bridge loan to finance the acquisition and redevelopment of Nantucket’s landmark Dreamland Theater. The building is a historic downtown movie house that lies in the center of the island’s only town.

Dan Palmier, president and chief executive officer of Potomac Realty Capital, of Needham, MA which structured and originated the deal, tells GlobeSt.com that the unnamed developer plans to add 9,170 sf to the 12,770-sf, 1829 theater to turn it into a 400-seat movie and live performance center. It will also contain two restaurants, four office condominiums and four luxury residences.

“We liked the real estate, we liked the story and we liked the borrower,” Palmier says of the transaction. Although he declined to name the developer, a source familiar with the theater tells GlobeSt.com that Haim Zahavi, Dreamland’s long-time co-owner who has developed several properties in Boston and on Cape Cod, plans to begin redeveloping the property this fall. He may sell the theater once construction is complete.

“He added a lot of value to it by getting the required approvals [to turn the property into condominiums],” says the source, noting that Zahavi has indicated he will sell off the project if he receives a reasonable offer. Zahavi could not be reached for comment by GlobeSt.com’s deadline.

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