Colliers Meredith & Grew's Capital Markets group has arranged a $9.5 million refinancing for Post Road Plaza, a 209,567 s/f retail complex located at 246 East Main St. The plaza is 98% leased to tenants including Marshalls Inc., CVS, Price Chopper and Ocean State Job Lot.
Vice president John Broderick of Colliers Meredith & Grew represented the borrower, Karnak Realty LLC. Aviva Investors, the global asset management business of Aviva plc, financed the transaction. The 20-year, fixed-rate loan closed in April.
"This was a highly competitive process due to the property's strong tenant mix and overall value," said Broderick. "What separated Aviva from the pack of potential lenders was its ability to provide a long-term, fixed-rate deal at very competitive pricing."
Colliers Meredith & Grew is a Boston-based commercial real estate company with integrated service groups including Brokerage, Capital Markets, Counseling & Valuation, Development & Advisory, Investment Sales, and Property & Asset Management. In addition to representing its core clients in New England, Colliers Meredith & Grew provides national and international real estate services to its multi-market clients as an owner/member of Strategic Alliance Mortgage LLC (SAM) and through Colliers International, a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world's number two commercial real estate brand.