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Onyx Partners Secures $49.5M Loan From Northern Bank & Trust For Springfield Crossing Retail Center

Property Image
FINANCED
$49,500,000

Massachusetts

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Retail400,000 SF
Financed 02/19/2025
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Property Image
FINANCED

Onyx Partners Secures $49.5M Loan From Northern Bank & Trust For Springfield Crossing Retail Center

1655 Boston Road

See Similar Deals
Retail400,000 SF
Financed 02/19/2025
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:Retail
Price Per Square Foot:$123
Total Square Footage:400,000 SF
Transaction Type:Loan

The asset involved in this transaction is a retail center located at 1655 Boston Road in Springfield, MA, with a total square footage of approximately 400,000. The loan amount secured for this property is $49,500,000. This retail center is set to replace Eastfield Mall and is expected to feature tenants such as BJ’s Wholesale Club, Hobby Lobby, and PetSmart, with an anticipated opening in Fall 2025.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $49,500,000
  • Address: 1655 Boston Road
  • Market: Springfield, MA
  • Lender: Northern Bank & Trust
  • Landlord: Anton Melchionda - Onyx Partners LTD

The key individuals involved in this transaction include Anton Melchionda, representing Onyx Partners LTD, who is the landlord of the property. The loan was provided by Northern Bank & Trust, facilitating the development of the retail center, which is a significant project in the Springfield area.

Players

Northern Bank & Trust
Northern Bank & Trust
LENDER

Details

FINANCED
IMAGE: Anton Melchionda DATE: 02/19/2025 ADDRESS: 1655 Boston Road MARKET: Springfield, MA ASSET TYPE: Retail ~ SF: 400,000 LENDER: Northern Bank & Trust LANDLORD: Anton Melchionda - Onyx Partners LTD LOAN AMOUNT: $49,500,000 NOTE: Onyx Partners secured a $49.5M loan from Northern Bank & Trust for Springfield Crossing, a nearly 400K SF retail center replacing Eastfield Mall in Springfield, MA. The project, set to open in Fall 2025, will feature tenants like BJ’s Wholesale Club, Hobby Lobby, and PetSmart.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$49,500,000.00

Monthly NOI$330,000.00
Monthly Debt Service$312,873.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00