AMC - In the Media

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ASHWORTH MORTGAGE CORP. PLACES $55,000,000

FOR FREEPORT VILLAGE STATION

FREEPORT, ME - Richard B. Ashworth 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.