Colliers Meredith & Grew's Capital Markets group has secured a $14.5 million construction to mini-perm loan for The Shops at Riverwood located at 854-912 River Street in Hyde Park, Massachusetts. President Kevin C. Phelan and Vice President Seth I. Rosen of Colliers Meredith & Grew represented the borrower, a joint venture between Finard Properties and AEW. Boston Private Bank & Trust financed the transaction. The seven-year facility, which is comprised of a 24-month LIBOR-based floating rate construction loan and a five-year fixed-rate permanent loan, closed in June 2009.

The Project was also one of three developments to be awarded mezzanine financing by Mayor Thomas M. Menino's Boston Invest in Growth program. (The $40 million loan pool, made possible by U.S. Department of Housing and Urban Development (HUD) Section 108 funding, provides mezzanine financing for those projects that have both permanent financing and equity already in place, and was first announced by Mayor Menino in a speech to the Greater Boston Chamber of Commerce this past winter). Mayor Awards $15.7M in Loans to First Boston Invests in Growth Projects

This $33 million, 105,000 square foot retail project will be anchored by a 37,000 square foot Price Rite Supermarket. Additionally, a 3,500 square foot Sovereign Bank will be built on a pad site at the Project. Site preparation began in spring of 2009. When fully completed, the Project is anticipated to create in excess of 300 permanent jobs while satisfying unmet demand for retail in the neighbourhood.

Founded in 1978, the Capital Markets group is now one of the two largest commercial mortgage banking firms in the region. Led by President Kevin C. Phelan and Executive Vice President David M. Douvadjian , the 13-person Capital Markets group produced in excess of $3.5 billion from 2005 to 2007 and in 2008, the group completed over 30 financings with an aggregate value of $1.16 billion, nationwide. In addition to representing 13 insurance companies and conduits as their New England correspondent, the Capital Markets group maintains a servicing portfolio valued at $1+ billion.

Colliers Meredith & Grew's Capital Markets producers provide nationwide representation for Boston-based clients, fulfilling the full spectrum of their debt and equity needs. Group members are at the cutting edge of technology utilizing a web-based system to monitor and catalogue capital markets conditions and participants. As an owner/member of Strategic Alliance Mortgage L.L.C. (SAM), Colliers Meredith & Grew’s Capital Markets producers have the ability to access real time deal information from individual member companies that are the leading providers of the best financing alternatives in their respective markets. These resources, combined with the group's in depth market knowledge, overall organizational and capital markets expertise, assures the best execution for both borrowers and lenders.


Debt/Capital Markets Articles of Note

Tightening Credit Becomes Bernanke Bind in Bond Purchase Unwind
Bloomberg — July 24, 2009
Now that the U.S. economy shows tentative signs of recovery, James Bullard, president of the Federal Reserve Bank of St. Louis, wants the Fed to adopt a plan for taming the inflation he expects may follow the end of the recession. Unless the central bank puts a strategy in place and presents it to the public, inflation expectations may run rampant, Bullard says.

Bond Expert: Friday Outlook
Seeking Alpha — July 24, 2009
Prices of Treasury coupon securities are registering small losses in overnight trading. The yield on the 10 year note climbed 2 basis points to 3.67 percent and the yield on the Long Bond edged one basis point higher to 4.56 percent.