Atlantic Capital Partners arranged the $20.5-million sale of Midland Commons, a power center condominium located in Warwick, RI. The transaction was led by head of capital markets Justin Smith; EVP Chris Peterson, VP Sam Koonce, senior associate Danielle Turpin, VPs Stephen Joseph and Stephen Hassenflu, associate Matt Ericson. Atlantic Capital Partners exclusively represented the seller and the buyer.
The $15,000,000 acquisition loan for Midland Commons was done on behalf of Brasswater, a real estate investment and development firm based in Montreal, Canada. The financing, provided by a prominent alternative asset manager, was structured on a non-recourse basis at a competitive interest rate. Loan proceeds will be utilized to facilitate the acquisition and fund the stabilization of the asset through the lease-up of two currently vacant suites.
The 160,448-square-foot asset is anchored by nationally recognized tenants, including Dick’s Sporting Goods, Burlington and the most visited Planet Fitness location in the state.
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