CBRE|Melody secures financing for Providence complex

CBRE|Melody's Boston office arranged $12.5 million in permanent financing for the Davol Square complex in Providence.

CBRE|Melody, the real estate investment banking division of CB Richard Ellis, said it has secured 10-year, fixed-rate financing for Davol Square, a mixed-use office and retail complex with 113,551 square feet of space.

CBRE|Melody said the new financing lowered the interest rate on the Davol Square mortgage by 300 basis points.

"The significant additional proceeds will provide funds for the owners of Davol Square to position the property's two-acre parking lot for future development," Frank Petz, managing director of CBRE|Melody's Boston office, said in a statement.
(By Chris Reidy, Globe staff)