Wallace Capital has provided a $1.65 million acquisition bridge loan to 2001 Washington St. LLC for a 19.4-acre site in Braintree.

The site houses a 76,223-square-foot two-story brick building that was built in 1920 and most recently served as the 79-bed Kindred Hospital Northeast. The hospital closed in September 2008 and has since been vacant. The borrower used the proceeds to purchase the property for redevelopment and will eventually refinance the loan.

"We are pleased to provide this loan to a developer who has had many successful development projects in the metro Boston area," Robert Wallace, president of Wallace Capital, said in a statement. "This is a bridge loan that was used to acquire the property. The developer is renovating and permitting the 20-acre site."

2001 Washington St. LLC Receives $1.65M Acquisition Loan For Braintree Site

by Banker & Tradesman time to read: 1 min
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