JLL arranges $7.5M refinancing for retail center near Boston
Pond Street Mall is a dominant retail center long-term leased to CVS
BOSTON, January 6, 2020 – JLL Capital Markets announced today that is has arranged a $7.5 million refinancing for Pond Street Mall, a 28,164-square-foot, CVS-anchored retail center in the Boston-area community of Newburyport, Massachusetts.
JLL worked on behalf of the borrower, Quincy and Company, to place the long-term, fixed rate, non-recourse loan with Centreville Bank. Loan proceeds will be used to repay an existing loan. Quincy and Company acquired the asset in 2014.
Pond Street Mall is a neighborhood retail center with a tenant lineup that includes a high-performing CVS, YWCA and Panda Dry Cleaners. Situated on 2.4 acres at 13 ½ Pond Street, Pond Street Mall is at the high-traffic intersection of High and State Streets in Newburyport, a coastal, affluent, suburban Boston town in Essex County. Additionally, the center is between Newburyport’s historic downtown, dense residential areas and major highway access.
The Capital Markets debt placement team representing the borrower was led by Senior Managing Director Lauren O’Neil and Director Martha Nay. Vice President of Commercial Lending Craig Schermerhorn represented Centreville Bank.
“The combination of outstanding sponsorship and strong, stable real estate allowed for a superior, long-term, non-recourse execution for the borrower,” Nay said. “Centreville Bank was a tremendous partner for Quincy and Company from start to finish in placing this loan.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Quincy & Company is a private real estate company founded in Boston, Massachusetts in 1865. The fourth-generation firm is active in various facets of real estate including deal sponsorship, asset and property management, brokerage, leasing and development consulting and management.
On behalf of family owned investment vehicles or sponsored investment deals, the firm presently manages over 1,100,000 square feet of supermarket anchored and single tenant retail space in Massachusetts, New Hampshire and Rhode Island. The firm also manages a family owned residential portfolio consisting of 75 residential units in Cambridge, Quincy and Needham, Massachusetts, as well as 40,000 square feet of commercial and medical office in Needham and Norwell, Massachusetts.
Centreville Bank is a $1.3 billion-asset commercial and consumer bank founded in 1828 to serve the needs of the manufacturing community in central Rhode Island. Based in West Warwick, Centreville Bank provides a comprehensive suite of commercial and retail lending and depository services with an experienced commercial lending team offering partnership, guidance and support to sponsors and business owners throughout Rhode Island, Eastern Massachusetts and Connecticut. Learn more at centrevillebank.com or call 401.821.9100.