Michael C. Phillips Of PREP Property Group Secures $81M Loan From J.P. Morgan Chase For Hanover Crossing

The property asset involved in this transaction is Hanover Crossing, a mixed-use retail center with a total area of 598,535 square feet, located at 1775 Washington Street in Hanover, Massachusetts. The property was formerly the Hanover Mall, which underwent redevelopment from the 1970s into a modern open-air destination, featuring anchors such as Macy’s and Market Basket. The transaction involves a loan amounting to $81,000,000 provided by J.P. Morgan Chase.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $81,000,000
• Address: 1775 Washington Street
• Market: Hanover, MA
• Lender: J.P. Morgan Chase
• Landlord: Michael C. Phillips - PREP Property Group

The individuals involved in the deal include Michael C. Phillips, who represents the landlord as part of PREP Property Group. The financing for this project was secured through J.P. Morgan Chase, underscoring the partnership between the real estate firm and the lending institution in this significant transaction for Hanover Crossing.