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PROJO: "Davol Square acquires $12.4-million loan"

Davol Square, a mixed-use office and retail complex in Providence, has arranged $12.45-million, interest-only, 10-year fixed-rate financing from the Boston office of CBRE Melody, a division of CB Richard Ellis. The loan was secured on behalf of Davol Square Jewelry Mart, LLC. “We secured the financing on great terms for our client, lowering the interest rate on the Davol Square mortgage by almost 300 basis points. At the same time, the significant additional proceeds will provide funds for the owners of Davol Square to position the property

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I don't know how much they bought, but definitely not the whole thing - there are still a few FOR LEASE signs from the CB Richard Ellis company in some windows, or there were a few months ago. Actually the company I work for (Maguire Group) used to own part of Davol Square, but we moved out of there sometime in the early 90s (sucks for me, I would love to work there).

Anyway, I doubt Brown would be leasing to tenants like the Hi-Hat, Davol Fitness, etc. There's also an accounting company there, among other things.

Regardless, development of that sea of parking, along with the Dynamo project would be AWESOME for the city and the Jewelry District. Definitely a prime location.

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