REBusinessOnline

MARCONE CAPITAL SECURES $9.5 MILLION RETAIL LOAN

LYNN, MASS. — Quincy, Mass.-based Marcone Capital has secured a $9.5 million loan for Harbor Place, a 47,662-square-foot retail center located at 395 Lynnway in Lynn. Situated on 2.61 acres, the retail center comprises three buildings. The first building contains a 30,972-square-foot Price Rite grocery store. The second building totals 7,390 square feet and is leased to Tello’s clothing store. The third building totals 9,300 square feet and is leased to a variety of tenants, including Verizon FIOS, T-Mobile and PCS Wireless. The property is approximately 99 percent leased. Mike Marcone of Marcone Capital originated the financing for the borrower, 395 Lynnway LLC, which completed the center last spring. The lender was a Connecticut-based mutual bank. Terms of the loan were not disclosed.

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