Spiegel of NE Moves Mortgage arranges $10m financing for Granite Shopping Center

Sidney Spiegel, vice president of NE Moves Mortgage, commercial division, arranged a $10 million refinance loan for The Granite Shopping Center and The Atrium at the Quarry. The loan was funded by a major regional bank to provide long-term financing for the project. The property is situated on Granite St. and is a 10 acre site consisting of 82,300 s/f of retail space and 39 residential condominiums ranging in size from 815 s/f to 1,800 s/f. The units contain appliances, gas fireplaces and have access to a fitness center. The retail component is anchored by Family Dollar Store along with Luxe Fitness Clubs. According to Spiegel, the borrowers were able to structure a very favorable loan structure with the lender to allow repayment flexibility over the next few years.