Financial Digest

Worth Avenue Capital closes a $500,000 loan

Uncasville, CT Worth Avenue Capital, LLC (WAC) has closed a $500,000 construction loan for a builder/real estate developer in Connecticut who specializes in both new construction and renovation projects. The loan proceeds will be used to renovate a former rooming house

Spiegel Associates arranges $6m const. loan for 31-units in Lynn, MA

Lynn, MA Sidney Spiegel of Spiegel Associates arranged an acquisition and construction loan for a property originally the home of the Lynn Item newspaper.  The property will be developed into 31 studio apartments and 16,000 s/f of retail and commercial space. 

Mello joins Mag Mile

Boston, MA Paula Mello has joined Mag Mile Capital as senior vice president of originations and will be based out of the firm’s local office. “Paula is a seasoned commercial real estate veteran with an extensive background in financing commercial real estate transactions,” said Matt Weilgus, senior vice president and head of originations for Mag Mile in the Northeast.

Berardi joins StonehamBank as vice president for commercial loan officer

Stoneham, MA StonehamBank senior vice president Mark Drew has added Marissa Berardi to the team in the role of vice president for commercial lending.  Berardi has been in the financial banking sector for the past eight years serving in a variety of roles. 

The Real Estate Finance Association’s Year in Review - With over 700 members

Boston, MA The Real Estate Finance Association wrapped up its 2020 Mentorship Program on November 19th. The mentor/mentee pairs meet regularly throughout the year, giving mentees the opportunity to gain knowledge from seasoned members of the industry.

Rockland Trust and Newburyport Bank provide $19.3 million to MINCO Development for the One Boston Way development

Newburyport, MA According to Rockland Trust, they partnered with Newburyport Bank to provide a $19.3 million loan to MINCO Development for the financing of their One Boston Way development. One Boston Way is a true transit-oriented development.

Colliers International Group Inc. arranges $17 million construction financing for The Procopio Companies

Portland, ME Colliers International Group Inc. has arranged $17 million in construction financing for a mixed-use development. The Colliers team of executive vice president Jeff Black and assistant vice presidents Sean Burke and Bryan Koop, was selected by The Procopio Companies to exclusively source funds for the 

Allianz Real Estate provides $150 million financing for 265 Franklin St. in downtown Boston

Boston, MA Allianz Real Estate has provided $150 million financing for 265 Franklin St. in downtown, according to reports. The 21-story building is owned by a joint venture of Clarendon Properties and a fund managed by BlackRock. Located in the city’s Financial District, the building offers multi-tenant and full-floor floorplates. The office spans 350,534 s/f

Coulombe and Feig of Fantini & Gorga arrange $10.8 million in financing

Dover, NH Fantini & Gorga has finallized the placement of two loans totaling $10.8 million for two separate properties. One new, 32-unit luxury apartment property with 9,000 s/f of retail along the Cocheco River, the other a truly mixed-use retail, office and apartment property.

Rockport Mortgage Corp. completes $81.8 million in financing for the South Cove Plaza Community, a 231-unit housing development

Boston, MA Rockport Mortgage Corp. completed the closing of an FHA Section 223(f) refinancing loan totaling $81.8 million for the South Cove Plaza Community, a 231-unit housing development for the elderly and disabled constructed in 1982. Owned and managed by Weston Associates, the development consists of two parcels, each containing a single mixed-use, mid-rise building. One of the parcels is on Tremont St., the other on Stuart St.