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Colliers Meredith & Grew Secures $7.5M Refinancing For Newton’s Marshalls Plaza

Nov 24, 2009 | Reprints | Unlock Link | Print

Colliers Meredith & Grew’s Capital Markets group has secured a $7.5 million refinancing for a two-building, 62,589-square-foot retail plaza at 241-281 Needham St. in Newton.

The plaza is 99 percent leased to retail tenants including Marshalls Inc., CVS and AAA Southern New England, according to a statement.

Vice President John Broderick of Colliers Meredith & Grew represented the borrower, Northland Investment Corp. The Washington Trust Co., a subsidiary of Washington Trust Bancorp Inc., financed the transaction. The five-year, fixed-rate loan closed on Oct. 29.

"The financing was widely sought after by many lending institutions due to the high quality of the asset and the strong sponsorship of Northland Investment," said Broderick. "Washington Trust recognized these strengths and delivered very attractive financing terms in these unsettled economic times."

Commercial & Industrial