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Holyoke Redevelopment Authority approves subordination to clear $500,000 Florence Bank loan for Jackson Canal property
Summary
The board approved an intercreditor and subordination agreement so Jackson Canal can close new financing with Florence Bank for 55 Jackson Street; the property was appraised at $1.6 million and HRA’s existing loan balance is roughly $80,000.
The Holyoke Redevelopment Authority voted unanimously to approve an intercreditor and subordination agreement that will allow Jackson Canal to close new financing with Florence Bank for improvements at 55 Jackson Street.
Lee Vradecas of Jackson Canal told the Authority he is finalizing a loan with Florence Bank and needs the subordination and intercreditor documents to close. "I am trying to close on a note with Florence Bank, and part 1 of the requirements is this intercreditor agreement and the subordination agreement," Vradecas said. He described 55 Jackson as a roughly 20,000-square-foot building and identified a new long-term tenant, Encore Fire Protection, whose lease begins Jan. 1, 2024.
Why it matters: The new financing will cover landlord and tenant improvements tied to a long-term…
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