$6,125,000 & 2,700,000 First Mortgage
Commercial Loans in Attleboro and Walpole, MA
Commercial Loan Funded by FBCP
Funded Case Study: North Attleboro/Walpole Commercial Loans
The objective was to acquire a significant big box retail building and convert it into an entertainment park. This innovative concept aimed at revamping the traditional retail space into a modern, family-friendly entertainment hub, showcasing the borrower’s vision and adaptability in the changing landscape of retail and real estate.
Despite the borrower’s limited cash reserves for investment, they possessed several valuable assets that could be pledged as collateral. This situation, while challenging, opened doors to creative financing solutions that FBCP could offer.
Ben Stillwell and Jason Denoncourt brought to the table not just capital but a wealth of real estate experience and insight. Their extensive knowledge of the commercial and retail market, coupled with a proven track record of successful investments and innovative financing solutions, made First Boston the ideal lender for this complex commercial real estate project.
Understanding the borrower’s unique position, First Boston demonstrated exceptional flexibility in their approach. We recognized the potential of the borrower’s vision for the retail building and the subsequent impact it could have on the North Attleboro community. Foresight was crucial in shaping the financial package offered.
First Boston’s strategy involved a collaborative effort with the borrower to identify a collateral package that would adequately secure the loan. This approach was vital in understanding the borrower’s constraints and aspirations. It facilitated a financial structure that provided the liquidity necessary for acquiring the property and launching the new business.
Closing a commercial transaction is inherently more complex that closing on a 1-4 family residential project.
Having an extensive knowledge of this market, and a strong network of brokers and advisors, enabled the First Boston lending team to navigate the complexities presented by the property layout and the neighboring tenants.
The loan was secured using a combination of first mortgages, second mortgages, and equity pledges. This multifaceted funding offer is relatively uncommon in the lending industry, as most traditional lenders prefer more straightforward, less complex structures.
The willingness and ability of First Boston to accommodate such a structure underscored their unique position in the market as a flexible and innovative financier.
Moreover, this case highlights the evolving nature of the real estate and retail markets. The transformation of a big box retail building into an entertainment park reflects a broader trend in the industry, where traditional retail spaces are being repurposed to align with new consumer preferences and market dynamics.
First Boston Capital Partners, under the guidance of Ben Stillwell and Jason Denoncourt, has demonstrated a deep understanding of these market shifts. Their ability to adapt and provide tailored solutions to borrowers speaks to their expertise and commitment to fostering successful, forward-thinking real estate ventures.
The project in North Attleboro is not just a testament to the borrower’s vision but also to First Boston Capital Partners lending proficiency in recognizing and nurturing innovative real estate projects.
Our comprehensive approach to financing, willingness to embrace complex structures, and deep market knowledge set them apart in the industry. This project could potentially serve as a model for future real estate developments that seek to blend entertainment, retail, and community engagement in unique and sustainable ways.
We Fund Complex Projects with Market Knowledge
If you have a request that is “outside the box” and your bank or private lender can’t get their arms around the deal, reach out to First Boston today!