BOSTON– EagleBridge Capital has arranged acquisition and permanent mortgage financing in the amount of $5.85 million for a long term ground lease to CVS Pharmacy on Main Street in Wayland, MA where a new CVS is currently under construction.
The mortgage financing was arranged by EagleBridge principals Ted M. Sidel and Brian D. Sheehan who stated that the loan was provided by a leading Massachusetts thrift institution.
The new free standing CVS is under construction on a 2.1 acre site located at corner of Main Street and West Plain Street. The CVS shall contain 13,900 square feet and will also feature a drive thru as well as 60 parking spaces. The site was formerly the home of Finnerty’s Restaurant which was demolished to make way for the new pharmacy.
Mr. Sheehan and Mr. Sidel stated, “We are pleased that EagleBridge was able to structure the financing to provide a combination acquisition and permanent mortgage at a very attractive rate, term, and amortization with an interest only period.”
CVS operates over 9700 retail pharmacies across the country with over 357 located in Massachusetts and is part of CVS Health Corporation.