AMC - Properties Financed

BUILD TO SUIT

INDUSTRIAL

MULTI-FAMILY

OFFICE

RETAIL

ASHWORTH MORTGAGE PLACES MORE THAN $72 M IN FINANCING

Ashworth Mortgage, Newton, MA has arranged more than $72 Million in financing in recent closings for to-be-built retail, build-to-suit warehouse/distribution, office conversion, and mall retail properties in Vermont, Rhode Island, Maine and Massachusetts.

June K. Fish, Partner arranged $6.3 Million in first mortgage financing for the Green Mountain Mall, a retail mall in St. Johnsbury, Vermont. The five year term and 25 year amortization loan was placed with a bank. The rate was pegged at 250 basis points over the FHLB Classic Rate. The property is being re-tenanted and re-positioned to service the "Northeast Kingdom" of Vermont/New Hampshire. The Mall is 195,441 square feet. Current tenants include J.C. Penny, Fashion Bug, Radio Shack, and Ocean State.

Fish also arranged construction/permanent financing in the amount of $3.177 Million for a build-to-suit property in East Providence, Rhode Island. "This bank saw the value in the development, the strength of the tenant and Borrower." The 75,000 square foot single tenanted building is leased by Baer Supply Co., a wholly owned subsidiary of the Wurth Group USA. The initial 12 months of the loan were interest only and thereafter were fixed at a spread over FHLBB. "The bank was able to craft a loan for 10 years, despite the fact that the initial term on the lease was five years." Fish said.

Richard B. Ashworth, President of Ashworth Mortgage, placed two loans for the firm.

In Maine, Ashworth negotiated and placed financing in the amount of $48 million for the Freeport Village Station, in Freeport, Maine. "In a difficult retail environment, we were very pleased to be able to secure a pension fund lender who was as enthusiastic about the development as the community and the sponsors are!" stated Ashworth. The loan is secured by the 110,000 square foot retail center with on-site parking. Tenants currently include: Brooks Brothers, Calvin Klein, LL Bean, and Nike among others.

In Massachusetts, Ashworth placed the re-development and permanent financing for an office building to be converted into a Massachusetts Trial Court house, serving the Middlesex District. The building is located in Medford, Massachusetts. This transaction, in the amount of $13.6 Million, included 100% of the contstruction costs by the local bank providing the financing. The adaptive re-use of an existing office property was one that was appealing to the bank and the credit of the Commonwealth also contributed to the strength of the deal. The collateral is a 58,000 square foot building.