NEWTON, MASS. — Quincy, Mass.-based Marcone Capital has arranged a $10.75 million loan for University Business Center, a 66,175-square-foot retail/office/flex industrial property located at 19-33 Needham St. in Newton. Situated on 2.51 acres, the property comprises three buildings, including a freestanding National Tire & Battery store, a single-story office building, and a two-story, office and industrial flex building. Mike Marcone of Marcone Capital arranged the financing on behalf of the borrower, KSKIM UBC Equity Partners LLC, which is an entity controlled by the owner of KS Partners, Kambiz Shahbazi. The borrower plans to use the financing to redevelopment a portion of the property. Tenants on the first floor of the flex building will be relocated, and the space will be converted for retail use. The lender was a regional bank. Terms of the financing include a floating interest rate below 5 percent.
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