Peabody, MA Fantini & Gorga has arranged $2.5 million in first mortgage financing for a 40,861 s/f, 22 tenant office property located at 1R Newbury St.
The Fantini & Gorga team was led by Derek Coulombe, senior managing director and Lindsay Feig, senior analyst, who together arranged financing on behalf of the client.
“The lender understood the desirable location of the asset, the quality of the tenants and the limited risk in lease roll. Due to these factors, financing was placed with one of our exclusive Life Insurance Companies” said Coulombe. “Due to the highly competitive capital market environment, we successfully negotiated a highly favorable rate for a fifteen year, fixed-rate non-recourse loan. Since this was our client’s second transaction with this lender, we were able to close quickly.”
1R Newbury St. is a four-story office building with professional suites ranging from 250 to 10,000 s/f. It is currently undergoing a lobby and common area renovation with new lobby tile, carpet, paint and furniture. The elevator has also been upgraded to modern cosmetic standards with new flooring, upgraded walls and a new modern ceiling. The subject is part of Peabody Corporate Center which is a campus setting with landscaping, outdoor areas for relaxation and 300 parking spaces. 1R Newbury St. is adjacent to the Holiday Inn Peabody and is located at the intersection of Rtes. 1, 128 and I-95. Peabody Corporate Center is one exit away from Marketplace in Lynnfield. Tenants there include Whole Foods, Legal Seafood, Starbucks, Yard House, Davios, and Kings.