NewStar Financial Closes $8.95 Million Loan For 60 Maple Street In Mansfield, Massachusetts
Local investment firm, Calare Properties, adds industrial property to its portfolio
Boston, MA December 29, 2006 NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announces that it has provided $8,955,000 in non-recourse, first mortgage loan financing for 60 Maple Street, a two-story, 231,000 sq ft industrial building in Mansfield, MA. The property was purchased by Calare Properties, a real estate investment firm based in Hudson, Massachusetts.The NewStar loan provides the sponsors with funds to purchase the property as well as additional capital for building renovations and leasing costs. Frank Petz of CBRE L.J. Melody acted as exclusive financial advisor to the borrowers and will service the loan on behalf of NewStar. "Tristan Pierce and the entire NewStar team displayed creativity and flexibility in the structuring, underwriting and closing of their loan under a tight year end timeframe. NewStar's ability to deliver a customized loan, in line with our expectations, affords Calare the greatest opportunity to uncover the real value of this property. After considering several lenders, we quickly determined that NewStar offered the most beneficial and ambitious opportunity due to their underwriting platform. We are pleased to have them involved in this project," said Brian Poitras, Senior Vice President of Calare Properties, Inc.NewStar's deal team for the transaction included Tristan Pierce, Susan Strader and Evan Turner.About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three dedicated lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations