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MBA Commercial/Multifamily NewsLink: Dealmaker of the Day/Dealmaker of the Week

Ashworth Mortgage Originates $15.2 on Nike Warehouse Facility

Murray, Michael

Ashworth Mortgage Corp., Newton, Mass., originated $15.2 million for a Nike warehouse and distribution facility in Greenland, NH.

Boston Private Bank and Trust Co. provided the fixed rate loan with a 25-year amortization schedule.

June Fish, principal at the firm, said timing was a key to the transaction and all parties worked "extremely fastidiously to take the deal from inception to fruition."

"Globally recognized credit tenants and a first class facility being acquired by a premier warehouse/distribution specialist that owns and manages over 15 million square feet in the U.S., quickly caught the interest and attention of our lender, who was able to shepherd the transaction through multiple committees

while attorneys were concurrently working toward the closing." Fish said.

The Nike Distribution Center is Cole Haan's and Bauer Hockey's primary footwear distribution facility in the United States, Fish said. It was originally built in 1980 with an addition completed in 1995. The property contains 367,166 square feet on 33.4 acres adjacent to Interstate 95. The office portion consists

of 15 percent of the building.

The warehouse has a 32-foot clear story at the peak, 42 dock doors and 275 parking spaces.

ASHWORTH MORTGAGE CORP. PLACES $15,200,000

IN RECORD 30 DAYS

FOR THE ACQUISITION BY

EQUITY INDUSTRIAL PARTNERS

OF NIKE WAREHOUSE/DISTRIBUTION FACILITY

GREENLAND, NH - Richard B. Ashworth and June K. Fish recently announced their firm's expedited closing of acquisition financing for the Nike warehouse and distribution facility located here. The financing, provided by a banking institution was made on a fixed rate basis on a 25 year amortization schedule. Timing was a key to this transaction and all parties worked extremely fastidiously to take the deal from inception to fruition.

The Subject Property is located at 150 Ocean Road in Greenland, NH. The facility contains a total of 367,166 square feet and is located on 33.4 acres situated adjacent to Interstate 95. The property was originally constructed in 1980 with an addition completed in 1995. The warehouse has 32' clear story at the peak and 27'9" at the eves. Fifteen percent of the building is office. The property has 42 dock doors and 21 high loading doors with levelers and 21 high loading doors with no levelers. There is parking for 275 vehicles.

The Nike Distribution Center is Cole Haan's and Bauer Hockey's primary footwear distribution facility in the United States. "Globally recognized credit tenants and a first class facility being acquired by a premier warehouse/distribution specialist, Equity Industrial Partners, that owns and manages over 15,000,000 square feet in the U.S., quickly caught the interest and attention of our lender, who was able to shepherd the transaction through multiple committees while attorneys were concurrently working toward the closing." said Ashworth. "In this market, which clearly provides its challenges, we were able to strategically set an agenda amongst all the players and make the goal a reality." said Fish.

ASHWORTH MORTGAGE CORP. PLACES $13,640,261

FOR

CC INDUSTRIES REALTY TRUST

MEDFORD, MA

Ashworth Mortgage Corp. has recently placed both construction and permanent financing with a local bank in the amount of $13,640,261 for the Commonwealth of Massachusetts Middlesex South District Court House located at 4040 Mystic Valley Parkway, Medford, MA.

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MBA "Dealmaker of the Day"...MBA "Dealmaker of the Week"

ASHWORTH MORTGAGE CORP. PLACES $55,000,000

FOR

FREEPORT VILLAGE STATION

FREEPORT, ME - Richard B. Ashworth and June K. Fish recently announced that Ashworth Mortgage Corp., of Newton, Massachusetts, has placed a $55 Million construction/permanent fixed rate financing for the Freeport Village Station, a 116,000 SF lifestyle center with parking for over 500 cars currently under construction in Freeport, Maine. The project is being developed by Berenson Associates, Inc. of Boston. The financing was placed with a pension fund and carries a long-term interest-only fixed rate.

Freeport Village Station was planned in conjunction with LL Bean on property across the street from the LL Bean flagship store. The new development will bring a state-of-the-art shopping experience while maintaining the town's character. Preparation at the 3.6 acre site is underway. The former LL Bean factory store has already been demolished. Site work is expected to begin and construction will follow immediately thereafter.

Dick Ashworth stated, "We were pleased to once again work with Berenson Associates, especially on such an exciting project as Village Station. The goals set forth by our client were multi-faceted, and we enjoyed the task of finding the right lender in order to meet those requirements especially during these challenging times for real estate finance. Our lender was able to incorporate all of our client's needs into one loan."

Freeport Village Station will be a 116,000 SF multi-level "life-style" complex at the corner of Main and Mill Streets in Freeport, ME and is expected to include between 30 and 40 retail factory outlet stores and restaurants, two elevators providing handicapped accessibility, a 500+ car parking garage and other public amenities. The plans call for the center to have a retail plaza with three large two-story buildings appropriate for boutiques and kiosks. It will have an old-style clock tower and other features to give it a traditional New England look.

Pre-leasing at the Station has been significant with commitments having been finalized from Nike, Brooks Bros., Phillips Van Heusen for four of its stores - Calvin Klein, IZOD, Van Heusen and Geoffrey Beane. LL Bean will open a "new concept" store as well.

Alfred R. Yebba, Berenson's Chief Operating Officer and the development director for the new center, said "We are thrilled to announce our partnership with this successful community-minded company [LL Bean] which owns some of the most renowned designer brands in the country". He also states "One goal was to provide the kind of modern single-floor retail space that is needed to lure larger retailers and restaurants to Freeport. Store space here now tends to run from 2,000 to 5,000 square feet and is often cloistered awy in either old multi-story buildings or colonial style homes."

The project is expected to open in the spring of 2009. A portion of the parking garage is expected to open late 2008.