Boston-Area Retail Center Gets $8M Refi
- Jan 07, 2020
Quincy & Co. has received a $7.5 million refinancing loan for Pond Street Mall, a 28,164-square-foot retail center in Newburyport, Mass. Centreville Bank provided the long-term, fixed rate, non-recourse loan, which will be used to pay off an existing debt. JLL worked on behalf of the borrower, which acquired the asset in 2014.
Located at 13 ½ Pond St. on 2.4 acres, the CVS-anchored neighborhood center is close to downtown Newburyport and within 3 miles of Interstate 95. Newburyport train station is just 1 mile from the property, which is surrounded by dense residential areas and provides major highway access. The tenant roster also includes Panda Dry Cleaners, YWCA and People’s United Bank.
Senior Managing Director Lauren O’Neil and Director Martha Nay led the JLL that assisted Quincy, while Craig Schermerhorn, vice president of commercial lending, represented Centreville Bank. In November 2019, O’Neil was also part of the team that brokered the sale of a 125,609-square-foot research facility in Andover, Mass. An affiliate of NorthBridge Partners acquired the property for $26.3 million.