Murray, Michael
Colliers Meredith & Grew's Capital Markets group, Boston, secured nearly $25 million financing for retail and healthcare properties in Massachusetts and Rhode Island.

Kevin Phelan, president, and Seth Rosen, vice president of CMG, represented the borrower, a joint venture between Finard Properties, Burlington, Mass., and AEW, Boston.

Boston Private Bank & Trust financed the $14.5 million construction to mini-perm loan for The Shops at Riverwood in Hyde Park, Mass. The seven-year facility consists of a 24-month LIBOR-based floating rate construction loan and a five-year fixed-rate permanent loan.

Mayor Thomas Menino's Boston Invest in Growth program awarded $33 million in mezzanine financing to the 105,000 square-foot to retail project. The $40 million loan pool, from HUD Section 108 funding, provided mezzanine financing for three retail projects—including The Shops at Riverwood--that already have permanent financing and equity in place. Menino first announced the program in a speech to the Greater Boston Chamber of Commerce last winter.

A 37,000 square-foot Price Rite Supermarket anchors the property, and a 3,500 square-foot Sovereign Bank will go on a pad site at the property. Site preparation started in the spring and, when fully completed, can create more than 300 permanent jobs while satisfying unmet demand for retail in the neighborhood.

David Douvadjian, executive vice president and Thomas Welch, senior vice president at CMG, secured a $10.5 million construction loan for 90 Plain Street in Providence, R.I. They represented the borrower, an entity related to Atlantic Management, Framingham, Mass.

Middlesex Savings Bank in Mass. financed the 10-year, fixed-rate loan.

“In 2008, Colliers Meredith & Grew arranged a non-recourse acquisition loan to facilitate the client’s purchase of the vacant building in a state excess property auction,” Douvadjian said. “After the client successfully negotiated a long-term lease with Women & Infants Hospital, we obtained multiple offers from banks and life insurance companies to provide long-term construction permanent debt, featuring attractive loan-to-cost and pricing, despite a generally dismal lending climate.”

90 Plain Street, a four-story, 39,775-square-foot medical office building in downtown Providence, is adjacent to Rhode Island Hospital and Women & Infants Hospital of Rhode Island near Interstate 95. The building is 100 percent leased to Women & Infants Hospital.