FOR IMMEDIATE RELEASE:
March 7, 2014
Wallace Capital Provides $1.65 Million Acquisition Bridge Loan for a 20-Acre Site to 2001 Washington Street LLC in Braintree, MA
Developer of the 20-acre site is permitting and renovating the property
BOSTON (March 4, 2014)—Wallace Capital, which manages a portfolio of short-term real estate loans and investments in various real estate ventures, today announced that it recently provided a $1.65 million acquisition bridge loan for a 20-acre site to 2001 Washington Street, LLC in Braintree, MA.
“We are pleased to provide this loan to a developer who has had many successful development projects in the Metro Boston area,” said Robert Wallace, President of Wallace Capital. “This is a bridge loan that was used to acquire the property. The developer is renovating and permitting the 20-acre site.”
The 19.38-acre site houses a 76,223-square foot, two-story brick structure that was built in 1920 that most recently served as the 79-bed Kindred Hospital Northeast. The hospital ceased operations in September 2008 and since that time the property has been vacant. The borrower used the proceeds to purchase the property for re-development and will eventually refinance the loan.
ABOUT WALLACE CAPITAL:
Wallace Capital LLC is a boutique private finance company that has invested approximately $500 million in about 500 transactions, which include short-term senior and subordinated debt, preferred real estate loans and investments in various real estate joint ventures across New England. For more information, visit: www.wallace-capital.com.