Thursday, October 24, 2013

Charles Goss of NAI Norwood Group Leased 22,700 SF in Newington

Newington NH – NAI Norwood Group is pleased to announce the leasing of 22,700 SF at 436 Shattuck Way in Newington. Chuck Goss represented the landlord in each of these transactions.  Ted Mooney, of EF Mooney LLC (the Landlord) said: "Four months ago I was 60% vacant, I called Chuck, who had helped me in the past, and now I am fully leased and very grateful for his efforts. Enough said."
                                        
Over the last three months Goss coordinated three separate leases to fill the vacancies at 436 Shattuck Way. Port City Events needed a home for their recent purchase of Sperry Tents Inc. and leased 15,000 SF of warehouse space.  Stoneface Brewery is the NH Seacoast's newest mirco brewery and will soon be making their special blend on the eastern side of the newly expanded Sullivan Bridge in 5,500 SF. NEO Energy has leased, the recently vacated, 2,200 SF unit in the building to test their cutting edge biomass to energy process.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their 45+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

Wednesday, October 09, 2013

NAI Norwood Group Assists Lutheran Social Services Find a New Space

Manchester NH – NAI Norwood Group is pleased to announce the lease of 7,000+/- SF of office space for Lutheran Social Services (LSS). Jeanne Butler of NAI Norwood Group represented LSS in the search for their relocation site. Mike Reed of Stebbins represented the landlord. 

LSS will be moving to their new office space on November 1, 2013. LSS is consolidating multiple New Hampshire offices for better coordination between the different divisions. They are relocating from Manchester and Concord and will be occupying the 3rd floor at 340 Granite Street in Manchester. The landlord will deliver a newly renovated space to accommodate the different LSS divisions. 

“This was a difficult assignment as LSS needed to be on a bus line, in Manchester, with parking for 25+, handicap accessible and a tight budget. I was happy that we were able to find a space to fit all of their specific needs,” said Jeanne Butler. 

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms. Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their 45+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

Tuesday, October 01, 2013

Impacts of the Federal Government Shutdown on Commercial Real Estate and Small Business Lending


The federal government shutdown effective October 1, 2013, will have a major negative impact on commercial real estate and small business lending in New Hampshire. Many commercial real estate and small business loans are financed with U.S. Small Business Administration 7A loan  guarantees or SBA 504 certified development company loans. The SBA has terminated processing both types of loans under the current shutdown.

To put SBA lending in New Hampshire in perspective, as of August 31, 2013 (the initial eleven months of the Federal fiscal year) a total of 441 SBA loans were approved for a total of $89.5 million, of which 83 loans totaling $32.5 million were SBA 504 loans. The SBA 504 program is specifically targeted to end-user commercial real estate purchases and provides up to 40 percent of the purchase price at a 20-year fixed interest rate. Many 7A loan guarantees are also used to finance commercial real estate.

The Capital Regional Development Council, CRDC, is one of the five SBA certified development companies in New Hampshire, none of which can secure approval of an SBA 504 loan during the shutdown. They accounted for the 83 SBA 504 loans approved to August 31, 2013.

Fortunately, the Capital Regional Development Council, also manages various small business direct loan programs that can be deployed throughout New Hampshire to assist growing small businesses without Federal government approval. We work closely with most commercial lenders in NH to provide up to $200,000 to enhance the bank’s loan when a financing gap has been identified. Although this program is important to the evolving small business community, CRDC only approved eleven direct loans totaling $1.5 million since October 1, 2012. These loan funds remain available for commercial real estate and small business lending, but the program falls far short of the much needed loan funds provided under SBA programs.

CRDC has experienced an increase in loan demand since the summer as businesses begin to emerge from the uncertainty of past years and re-engage in capital investing. We fear that the Federal government shutdown will substantially dampen this emerging momentum. For those concerned about servicing of existing SBA loans, CRDC states that there will not be any change to existing loans because local CDC’s service the loans. However any routine loan modifications will be effected.

NAI Norwood Group Welcomes Pam Lynch to the Team

Portsmouth NH – NAI Norwood Group is pleased to announce that Pam Lynch has joined the team in the Portsmouth office. Pam Lynch is licensed in both Maine and New Hampshire and has over 26 years of experience selling and leasing commercial properties and providing business brokerage services.  Her experience includes all aspects of commercial real estate, including selling and leasing office, retail, industrial, land, and investment properties. Recent business sales include restaurants, bars, manufacturing businesses, retail businesses, child care centers, salons & spas, and convenience stores.

“It’s wonderful to have Pam on our team. We look forward to a prosperous 2014 with the expansion of our team and relocation of our Portsmouth office”, said Karl Norwood, President of NAI Norwood Group.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their 45+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.