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Ashworth Mortgage Corp. Specializing in the placement of debt and equity financing for all types of commercial real estate. |
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MBA "Dealmaker of the
Day"...MBA "Dealmaker of the Week"
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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.
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