Ebens Creek Capital LLC secures a $9.875 Million redevelopment loan for Andover Village Square to reposition 62,000 SF mixed-use redevelopment project in Andover, MA
Managing Principal John Fenton secures three new retail tenants and kicks off construction of the 14 new residential units at the Mixed-Use Project in Downtown Andover, MA
ANDOVER, MA – John Fenton, Managing Principal of Ebens Creek Capital and Manager of Lincoln Essex OAV, the owner of Andover Village Square (“AVS”), announced today the closing of a $9.875 million redevelopment loan at year-end with Middlesex Savings Bank (middlesexbank.com) to complete comprehensive renovations to Andover Village Square, located at 89-93 Main Street on a 1.2 acre historic site in Downtown Andover. AVS contains of 62,000 square feet in a four building complex. When completed, it will consist of 22,000 square feet of office space, 26,000 square feet of retail space and 14 luxury apartments on the second and third floors.
“I am extremely pleased to move forward on this transformative project. We will combine the historic elements of the existing buildings with a trending mix of uses and energy efficient upgrades. This will be a unique transit oriented, mixed-use project in downtown Andover. AVS will be a community focal point for tenants and residents of the town of Andover to live, work, play”, says Fenton.
The new loan will refinance an existing first mortgage and provide $2.875 million to finance future improvements to the property. “We are happy to have the opportunity make this loan on high quality real estate in an irreplaceable location” said Mike Hart of Middlesex Savings. “We like to align ourselves with well sponsored real estate projects that have both intrinsic worth and future value potential. This project has all three”.
Located in the heart of downtown Andover, within walking distance to a dozen restaurants, many retail shops, as well as financial and other local services. It is within a five minute walk to prestigious Phillips Andover Academy, Andover Town Hall, and Andover’s MBTA Commuter Rail Station; Merrimack College is less than two miles away.
The project will feature a central courtyard or “Village Square” constructed and landscaped with materials and finishes that will bring to mind a historic township but with Wi-Fi, trendy cafes and amenities, including canopy lighting, outdoor seating, sound system and a fire pit. Mr. Fenton is working with the Andover Historic Society and The Town of Andover Board of Selectman to create a “historic walking path” that will link the adjacent town parking lot to the north of AVS with the Historic Society, just to the south, increasing foot traffic and a sense of community. “We are excited about the improvements underway at Andover Village Square”, said Elaine Clements Executive Director of Andover Historic Society, “our properties abut each other and by working together we hope to create a pedestrian friendly country lane through and between our properties.”
Andover Village Square’s Main Street frontage will soon be fully occupied by a diverse collection of new tenants:
- Dunkin Donuts has relocated and expanded their store into café style space with retractable windows and outdoor seating when the weather warms.
- D ’Agostino’s will open a new classic Italian Deli.
- Redstone Liquors, a purveyor of fine wines, liquors and craft beers, will open its second store. Redstone’s Stoneham store has twice won the Boston North Shore “Best Beer Selection”. http://redstoneliquors.com
- UBURGER will open its fifth store and first store outside of Boston. “ABOVE ALL BURGERS”, UBURGERS slogan, “is not just a reflection of the taste, but also reflects the quality of our food” said Nick Kasseris, co-founder. UBURGER will serve a casual menu including build-your-own chicken sandwiches, burgers, hot dogs, salads and fries. They will also serve beer and wine. http://www.uburger.com/content/menu
With the prime retail space now leased, the Owner will focus on building fourteen high quality loft style apartments consisting of thirteen one bedrooms, one studio and one two bedroom penthouse. The Owner has retained Coldwell Banker Residential for marketing. “In Andover Village Square there is a synergy of positives”, comments Abigail Harris of Coldwell Banker (email@example.com) who is handling the apartment leasing, “when you combine the high quality improvements with a downtown location and onsite amenities it’s a real win-win for tenants.” https://www.coldwellbanker.com/real_estate/home_search/ma/Andover.
Available Commercial Space: There is additional availability for office and retail tenants in the upper floors, courtyard and parking level areas. Over 10,000 SF of commercial space will be repositioned for office users, life-style/wellness focused and other retail tenants. Andover Village Square will offer collaborative office space with shared meeting space and bundled administrative, phone and internet services. Lincoln Essex OAV has retained MANSARD http://www.masscommercialproperties.com to provide commercial leasing services. “The project’s a unique combination of things, proximity to local amenities, commuter line, schools and its own courtyard.” Said David Maker, Real Estate Advisor at MANSARD, “It comprises a truly unique working environment for small and medium size users. We look forward to attracting the right mix of tenants”
Construction is underway on the courtyard, base building improvements and office renovations. The apartment construction is expected to commence late February with delivery projected in the Spring/Summer 2015.