NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $6.5 million refinancing of Pittsfield Plaza, (top right photo) a 126,000-square-foot retail center in Pittsfield, Massachusetts.HFF senior managing director Al Epstein (bottom left photo) worked on behalf of the borrower, Phoenix Merrill Road LLC, to secure the 10-year, 6.35% fixed-rate loan through a regional bank.
The transaction involved the repayment of an existing mortgage loan, which had become due.
Located at 676 Merrill Road in Pittsfield, Pittsfield Plaza is situated within a regional retail hub for Berkshire County that includes approximately 800,000 square feet of retail space along State Routes 8 and 9.
The property is occupied by tenants including Petco, TJ Maxx, Radio Shack, Hollywood Video, Dollar Tree and Home Goods. Nearby retailers include Wal-Mart, Home Depot, Price Chopper, Dick’s Sporting Goods, Sam’s Club, Bed Bath and Beyond and Barnes and Noble..
“This is an attractive mortgage investment, in a well-established retail area, which has had a long, successful leasing history. The property has strong sponsorship and experienced management,” said Epstein.
Contacts:
Alvin J. Epstein, HFF Senior Managing Director, (212) 245-2425, aepstein@hfflp.com
Kristen M. Murphy, HFF Associate Director Marketing, (713) 852-3500, krmurphy@hfflp.com
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