Northeast enjoys healthy '05 pace.

L.J. Melody & Company's Northeast offices continue doing business at a healthy pace in 2005. The offices recently arranged the following three transactions with a value over $88 million:

An aggressive two-year, interest-only floating rate loan in the amount of $63 million was arranged for Pierre Laclede Center, a two-office tower property with a diverse and strong tenant base. The landmark property is located in the highly-desirable Clayton, MO office sub-market, nestled within an area with household incomes in excess of $120,000.

Mike Riccio, director of L.J. Melody's Hartford office, stated, "We were able to obtain an aggressive loan that enabled the borrower to pay off the existing loan, a considerable prepayment fee, and still have proceeds to help pay for significant tenant renewals. In addition, the borrower was able to lower their debt service payments and received three one-year options to extend the interest-only, floating rate loan."

Nomura Credit & Capital, Inc. provided the funding on behalf of Pierre Laclede L.L.C., an investment affiliate of BayNorth Capital, LLC.

Acquisition/pre-development financing in the amount of $22.6 million was arranged for 220 Water St., an industrial property slated for conversion into a chic, urban residential space with wide open loft units.

Located in DUMBO in Brooklyn, N.Y., the property occupies about one entire block with frontage on Water Street, Front Street and Bridge Street.

Although previously a manufacturing and industrial zone, DUMBO now offers a strong condo market with an increasing retail presence. Transportation and entertainment are within walking distance, with Manhattan just one train stop away. HSBC provided the funding on behalf of the borrower, Hawthorne Village LLC.

Mark Cohen, a senior director, and Michael Sherman, a director in L.J. Melody & Company's New York office, secured funding for the transaction.

Acquisition financing in the amount of $2.5 million was arranged for Concord-Acton Industrial Park in Acton, Mass. The park consists of nine buildings and four sheds totaling approximately 90,788 s/f, and is home to more than 25 local and regional tenants.

The borrower, Domus LLC, purchased the property from Knoxcap Realty Trust, owner since 1986. The new owner, Richard Presti, of Chapel Partners, will focus on tenant retention while upgrading the facility. Banknorth's Springfield, Mass. office provided the funding on behalf of Domus LLC.

Michael Prakken, a director in L.J. Melody & Company's Boston office, secured funding for the transaction.