Talanian Realty’s South Cape Village Hungers to Serve Eaters as Bistro 36 Opens

MASHPEE, MA—As this seaside community hits its summertime stride, the owner of South Cape Village is welcoming a new restaurant aimed at drawing locals and tourists alike to the 156,000-sf shopping center. Bistro 36 will seat approximately 130 guests, estimates C. Talanian Realty Chief Operating Officer David Coughlan.

“It’s a good thing,” Coughlan says of the well-appointed restaurant that will complement a diverse roster of tenants including Marshall’s, Roche Brothers Supermarket and Walgreens. Such uses “are a good, steady generator of traffic,” reports Coughlan. Added demand could lead to development of a final property at the complex, he says, with an ability to construct at least 12,000 sf.

C. Talanian Realty is best known for its vast holdings on Newbury Street in Boston, product that is virtually full at present, reports President Charles M. Talanian. The venture on Cape Cod is at 92 percent occupancy. Exclusive leasing agent Milestone Associates is working to fill a few interior units in the pedestrian-friendly complex that features pathways surrounding landscaped village squares. “It is doing fine,” Talanian reports of South Cape Village while voicing hope of replicating the perfect occupancy figures enjoyed in Boston’s Back Bay.

The Mashpee property is doing well enough to have attracted $25.2 million in financing from Eastern Bank to start the year. Brokered by investment banking firm Fantini & Gorga, the loan took out a construction mortgage Eastern had previously provided for the project, plus closing costs and funds for future needs such as tenant fitout. The idea was less to take equity out and more to keep the asset shipshape as it nears a final build out, says Coughlan, whose firm was represented in the financing effort by Fantini & Gorga Managing Director Wayne Clough and Director Mark Whelan.

“Our client had reached a point of stability in the project and was seeking to take advantage of today’s low permanent debt pricing,” says Clough, adding that Eastern Bank “understood the borrower’s needs and provided a high level of service to win this business.”