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Source of Financing
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Source of Financing GMAC Commercial Mortgage Corp. (215-328-3842) arranged $25 million in permanent, fixed-rate financing for Exeter Towers, a nine-story, mixed-use building located on Exeter Street in Boston, MA. The 96-unit luxury apartment building features 80 one bedroom and 16 two-bedroom units. The ground floor contains 12,000 sq.ft. of high-end retail, which includes the restaurant Stephanie’s on Newbury. The property is 100% occupied. The company also arranged $1.645 million in permanent, fixed-rate acquisition financing for Clinton Square Shopping Center, an 18,961 sq.ft. center located on Old Alexandria Ferry Road in Clinton, MD. The center is currently 90% occupied, but has no anchor tenant, and is situated on a land area of 1.99 acres.
Cronheim Mortgage Corp. (973-635-6800) secured financing of $9.7 million for two retail properties in Poughkeepsie, NY on behalf of American International Group. For Poughkeepsie Plaza, $6.4 million was arranged on a 10-year term to amortize over 30 years. The 175,223 sq.ft. center is anchored by Marshalls and Modell’s and has over 44 tenants. The company also arranged $3.3 million for a 32,202 sq.ft. building tenanted by Petco. The loan has a five-year term and will amortize over 25 years. |