Mike Marcone of Marcone Capital, Inc. has arranged $30 million financing for a 178,000 s/f heavy anchored retail center owned by an affiliate of Northstar Properties. The property, known as Stateline Plaza, is located in both the towns of Haverhill, Mass. and Plaistow.
The center is located on Rtes. 125 and 121 at the beginning of what is referred to as the retail "Magic Mile" which includes a number retail tenants including Wal-Mart, Market Basket, Home Depot, and Kohl's.
The property is currently 90% leased and is anchored by long term leases with Shaw's Supermarkets, T.J. Maxx, CVS, and Petco. The remaining space is leased to well known retailers including Sleepy's, T-Mobile, GameStop, Great Clips, and D'Angelos not to mention some local tenants including two restaurants.
The property is managed by Northstar Centers, which manages a portfolio of primarily retail properties throughout the northeast. Most of the properties owned by Northstar are credit-anchored shopping centers that include such anchors as Lowe's, Shaw's, Stop & Shop, Bed, Bath & Beyond, and Shop Rite. Marjorie Hession of Northstar ran the redevelopment program for Stateline Plaza.
Marcone said, "The lender provided not only a very competitive interest rate but was able to provide a full loan without personal recourse given the quality of the property, tenancy, and location. In addition, the lender provided an ability for my client to earnout additional loan proceeds over the loan term based on the remaining availability. The lender took comfort in the expertise of the sponsor which was evidenced by the success of the redevelopment and subsequent lease up despite the weakness in the overall economy."
Northstar Properties purchased the property in 2004, at that time, the property was an old center comprising 135,000 s/f and was anchored by a 22,371 s/f Demoulas Market Basket, T.J Maxx, World Gym, and CVS. Northstar completed a major renovation and 43,000 s/f expansion in 2009. The redevelopment accommodated a new 64,560 s/f Shaw's grocery store, a relocation of a smaller, older store from across the street. Northstar also constructed a pad site to accommodate a free standing CVS. Since completing the redevelopment, Northstar has been successful in leasing up almost all of the available space to eight new tenants.

Marcone Capital, Inc. is a mortgage banking and real estate consulting firm based in Quincy, Massachusetts.