Thursday, December 9, 2010
The mortgage financing was arranged by EagleBridge principals Ted M. Sidel (middle right photo) and Brian D. Sheehan (middle left photo) who stated that the loan was provided by a leading commercial bank.
Mr. Sidel and Mr. Sheehan stated, “We are pleased that EagleBridge was able to arrange financing within a very short closing window and provide permanent mortgage at a very competitive rate.”
The Rite Aid Pharmacy is located at 243 Chauncy Street (Route 106) near the intersection of Route 140.
The free standing building contains 13,500 square feet and is situated on a 1.25 acre parcel. The Rite Aid features a drive thru for pick up of prescriptions. The exterior façade is clapboard and shingles.
Rite Aid is one of the largest operators of pharmacies in the United States with over 4700 pharmacies in 31 states and the District of Columbia. There are currently 157 Rite Aid Pharmacies in Massachusetts.
EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for shopping centers, free standing retail buildings, apartments, office, industrial, and r & d buildings, hotels, condominiums, and mixed use properties as well as special purpose buildings.
Ted Sidel, (617) 292-7177, Ext. 10
33 Broad St., Boston,, MA 02109; FAX: 617.292.7575
As a preferred provider, GearingStone will engage Grubb & Ellis, which offers a fully integrated scope of services to financial institutions managing distressed assets, to provide leasing and disposition, BOVs, consulting, property management, project management, valuation and other services.
“We are excited to expand our service offering to include the Grubb & Ellis professional network and proprietary research,” said Alan Gearing (top right photo), President of GearingStone.
“Grubb & Ellis’ services are 100% complementary to GS’s special servicing platform and human capital network spawned from our related FDIC receivership work.
“Together, we can provide clients with a fully integrated scope of services for distressed asset management that covers the entire United States. We feel that this is the most dynamic management solution for small- to mid-sized balance commercial assets that exists in the marketplace today.”
Gearing added that the relationship will serve as yet another business model differentiator and competitive advantage for GearingStone and enables GearingStone to effectively manage small- to mid-sized balance commercial loans and OREO on a national scale.
“By tapping into Grubb & Ellis’ service offerings, we are able to provide a unique mix of workout/resolution expertise coupled with strong real estate valuation and management capabilities,” he said.
GearingStone’s relationship manager at Grubb & Ellis is Scot Farber (lower right photo), Executive Vice President, Investment Services.
“We are thrilled that GearingStone has selected Grubb & Ellis as a preferred provider,” Farber said.
“Our Financial Services Asset Management practice, which utilizes Grubb & Ellis’ national platform to provide banks and special services throughout the United States integrated receivership, property management, valuation, note sales and transaction services, uniquely positions us in the marketplace and is consistent with GearingStone’s desire to offer comprehensive services to its clients.
As part of the relationship, both GearingStone and Grubb & Ellis have agreed to introduce each other to their respective clients and in certain instances engage in joint marketing of their services.
For more information: http://www.gearingstone.com/
Contact: Alan B. Gearing, (972) 392-8635, firstname.lastname@example.org
The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Alexander Kaushansky (lower right photo), Director, in Arbor’s full-service New York, NY, lending office.
“The borrower acquired this property via a foreclosure sale,” Kaushansky said. “He saw value based on a great location in the Columbia Heights section of Washington, DC. The asset was fully rehabilitated and has been stabilized. We were happy to have provided a permanent loan for a repeat client.”
Contact: Christopher Ostrowski, email@example.com
SEDGEBROOK - LINCOLNSHIRE, ILLINOIS
• Type C (100% Refundable) Entrance Fee CCRC
• Built 2005-2009
• 601 units (IL/AL/SN)
• 849,265± square feet (excluding parking decks)
• 91± acres
MONARCH LANDING - NAPERVILLE, ILLINOIS
• Type C (100% Refundable) Entrance Fee CCRC
• Built 2006-2007
• 362 units (IL)
• 612,484± square feet (excluding parking decks)
• 78± acres
Contact: Allen McMurtry • 813.349.8349 • firstname.lastname@example.org