A Cronin Achievement in Quincy Apartment Buy

QUINCY — Daniel Cronin’s legacyendures in many ways throughout the late developer’s South Shore stomping grounds, as evidenced by the namesake Daniel Cronin Apartments at 274 Washington St. in Quincy, and industry observers credit daughter Patricia M. Cronin’s stewardship for keeping the heritage intact. And now, thanks to a $2.3 million financing provided by Greystone Servicing Corp., Patricia Cronin has ensured continued control after buying phase, with the company’s overhaul including putting in an additional 10 loading docks, plus repositioning and upgrading about 3,000 sf of office space.

Landscaping of the parcel is also being improved, while there will be 34 parking spaces available as well. Already the work is paying off. The Campanelli team has landed an unnamed tenant that will occupy the building in early 2011. According to DeMarco, the initiative “utilized every facet of our vertically integrated approach to development,” leading to the successful result. The leasing chores and negotiations to purchase 10 Latti Farm Rd. were handled by Campanelli Cos. Director Peter Brown, while Jason Madden and Michael Chapin of the Madden Group LLC represented the sellers, Estes Express Lines. That company had purchased the property in May 2001 for $2.5 million. Besides the assistance from Campanelli’s in-house professionals, DeMarco praised Commerce Bank & Trust Co. for its belief in the venture, with that lender having been alerted to the opportunity by mortgage broker Ted M. Sidel, the president of Eagle Bridge Capital in Boston. Commerce Bank SVP John S. Kelley says the institution was “delighted” to participate. “Campanelli Cos. . . . know what they are doing, and they deliver,” says Kelley, a notion requited by DeMarco. “We’re really happy working with Commerce,” he says. “They understood what we had in mind very quickly.”