Colliers successfully arranged a $19 million refinancing for the S.S. Pierce Building, located at 1330-1354 Beacon St. in Coolidge Corner, Brookline, MA. The property is a mixed-use office and retail space originally built in 1898 for the S.S. Pierce Store and now features street-level retail including Brookline Bank and three levels of office space totaling 72,790 square feet.
Led by VP Patrick Boyle with support from co-chairman Kevin Phelan and senior financial analyst Rose Liu, the Colliers team worked on behalf of Capital Properties to secure this financing through a balance sheet lender. This new fixed rate financing replaces maturing life company debt that was previously secured by Colliers in 2014.
Boyle expressed his satisfaction with working alongside Capital Properties to secure competitive refinancing for their property which they have owned and operated for over five decades. Despite challenging market conditions for office financing, the team was able to negotiate favorable terms with a relationship lender based on the strong positioning and operation of this asset as well as its consistent cash flow.
Photo credit: Wangkun Jia.
