BOSTON– JLL apital Markets announced 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 & 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.