CBRE division arranges $12.45M loan for 3 Davol

PROVIDENCE – CBRE | Melody, the real estate investment banking division of CB Richard Ellis, last week said that it has arranged
$12.45 million in 10-year, fixed-rate financing for 3 Davol Square, acting on behalf of Davol Square Jewelry Mart LLC.
The loan, with “a national CMBS provider,” was secured by Frank Petz, managing director of CBRE | Melody’s Boston office, and senior analyst Deborah Dalton.
“We structured the financing such that the development site was not part of the collateral for the new mortgage,” Petz noted, “allowing the owners greater flexibility as they work closely with the City of Providence to develop the vacant waterfront land adjacent to the building.”
The deal was described as a collaborative effort between the Boston office of CBRE | Melody and the Providence office of CB Richard Ellis–New England.
3 Davol Square, a 113,551-square-foot office complex in the heart of the Jewelry District, is more than 90 percent occupied. Built as a mill in 1875, for Davol Rubber Co., the property was renovated in 1982 and underwent significant capital improvements in 1992 and 2000.