Independence Place - Bedford, NH

Bedford, NH Mike Marcone of Marcone Capital, Inc. has arranged the financing of Independence Place, a property consisting of a high quality, two story, 102,238 s/f medical and general office building.

The property is currently in excellent condition as the borrower completely renovated the property in 2011 and 2012. At that time, all of the common areas were renovated including all of the bathrooms and lobby plus the borrower completed a number of base building improvements and landscaping upgrades.

The sponsor originally acquired Independence Place in 2001. The property is managed by Aegean Capital, LLC, which is owned by Constantine Alexakos. Aegean Capital, LLC is a private equity real estate firm that currently owns and manages a variety of commercial real estate assets located throughout New England. The non-recourse financing was provided by a Connecticut based bank.

Mike Marcone, Marcone Capital

Marcone said, “The borrower was very happy to close another loan with the lender, having closed several other loans with them over the years. They are a great lender to work with and also provided both competitive pricing as well as a flexible loan structure.”

The property is well located in a suburb of Manchester, the largest city in the state. The property is located off Rte. 101 and within two miles of Rte. 93, four miles from downtown Manchester, and five miles from the Manchester Airport. New Hampshire has the 4th lowest unemployment rate in the country at 3.2%. The unemployment rate for Bedford is only 2.6%.

Bedford is part of Hillsborough County which is home to many major employees including Fidelity Investments, Elliot Hospital, BAE Systems, Southern NH Medical Center, St. Joseph’s Hospital, Fairpoint Communications, TD Bank, Comcast, and Citizens Bank to name just a few.

Independence Place is leased to a strong and diverse collection of fourteen tenants. All of the major tenants are national and international tenants on generally longer term leases. Major tenants include Total Renal Care, Inc. and Regus. Total Renal Care is part of DaVita HealthCare Partners Inc., a Fortune 500 company that provides a variety of health care services to patient populations throughout the United States and abroad. Regus is the global workplace provider with a network of more than 3,000 business centers in 120 countries. Founded in Brussels, Belgium, in 1989, Regus is based in Luxembourg and listed on the London Stock Exchange.

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