Brian Sheehan and Ted Sidel of EagleBridge Capital have arranged mortgage financing for 1285 Beacon St., a recently completed retail building located in the Coolidge Corner section of the city.
EagleBridge arranged the financing with a leading national commercial bank. The mortgage floats over Libor with the option to convert to a fixed rate during its term. Currently the rate is below 5%.
1285 Beacon St. is a two-story 21,226 s/f retail building with an architectural block and granite façade and two levels of underground parking with 49 spaces. The building's two stories and the two levels of underground parking are served by an elevator.
Tenants include Staples Express and Bodyscapes, a fitness and health club. 1285 Beacon is one of the only completely new retail buildings to be built in the Coolidge Corner district in the last decade. The building replaces a gas station which had occupied the site on the corner of Beacon St. and Charles St. for many years.
Coolidge Corner is one of the most vibrant retail areas in all of Brookline. Located within the immediate area are stores, restaurants, office buildings, banks, apartment buildings and condominiums. The MBTA Cleveland Circle-Beacon St. line which connects Brookline to Boston has a stop on Beacon St. near the entrance to the building.
Sheehan and Sidel said, "We were able to come up with an innovative financing structure which allowed the owner maximum flexibility. We are pleased to have been part of this very innovative project."