Coventry Crossing Nabs $8M Construction Loan

COVENTRY, RI-Hecht Development has received $8 million in construction financing to complete Coventry Crossing. The 21,000-sf, three-building retail center is 90% preleased.

Coventry Crossing is expected to deliver in the fourth quarter. Washington Trust is providing the loan, which will be used to complete the project, according to Fantini & Gorga, which is mum about loan details. Fantini & Gorga, an affiliate of Boston-based Eastern Bank, arranged the financing for the Concord, MA-based developer.

The retail center, situated on 5.7 acres, has been preleased by CVS, Webster Bank and Dunkin Donuts. There is 2,700 sf left to fill.

According to Fantini & Gorga, the parcel originally was zoned for residential use, but Hecht had it rezoned. The property sits just off Interstate 95 across from the Centre of New England, a mixed-use development with a Home Depot, BJ’s Wholesale Club and Wal-Mart.

Currently, Hecht is looking to sell 144-152 Lafayette Square in Haverhill, MA. The newly constructed, 11,900-sf CVS is on the block for $7.9 million. Woonsocket, MA-based CVS Caremark Corp. has a 25-year ground lease for the property, paying a starting price of $41.88 per sf as of Nov. 1 and rising to $45.41 per sf when the lease ends on Halloween 2033.

The CVS is located along Route 97 at its intersection with Hilldale Avenue, Winter Street and Broadway. Haverhill sits on the border of New Hampshire and Massachusetts close to the Interstate 495. CVS was founded just down the highway in Lowell and is the largest pharmacy chain in the US.