Capital Advisory Group Financing Tops $10.5M in Northeast
Lee & Associates NYC’s Capital Advisory Group Arranges $10.5M in New England Financing for Kempner Properties and Rite Aid Redevelopment
The New England Real Estate Journal reports that the Capital Advisory Group at Lee & Associates NYC — led by Senior Managing Director Dave Carswell and Senior Associate Ryan Fitzpatrick — arranged two commercial real estate financings totaling $10.5 million, both funded through First Tech Federal Credit Union.
The first transaction was a $5 million permanent first mortgage to Kempner Properties for the $8.5 million acquisition of a 13,000-square-foot retail center at 75 Newport Ave. in the Rumford neighborhood of East Providence, Rhode Island. The team closed the non-recourse loan in fewer than 60 days to meet a 1031 exchange deadline, securing a sub-6% interest rate, open prepayment, 30-year amortization and seven months of interest-only payments. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller.
The second transaction was a $5.5 million permanent first mortgage to a private investor for the redevelopment of an 11,000-square-foot former Rite Aid at 1303 Woodbury Ave. in Portsmouth, New Hampshire, into a medical office building. Structured as permanent financing with construction-financing features, the loan funded tenant improvements, leasing commissions and a future funding component tied to lease-up. CBRE is handling leasing.
“Our clients are increasingly looking beyond their backyard for investment opportunities, and they need financing partners that can support their business plans,” said Dave Carswell of Lee & Associates NYC. “These transactions demonstrate how creative structuring and strong lending relationships can help borrowers achieve objectives that conventional financing often cannot. Whether we’re helping preserve a 1031 exchange, facilitating an asset’s repositioning or advising borrowers investing outside their home market, our goal is always to build financing around the client’s business plan.”