Shrewsbury, MA Boston-based Fantini & Gorga arranged $2.8 million in first mortgage financing for a 36,660 s/f, flex/industrial property located at 910 Boston Tpke.
The Fantini & Gorga team was led by Derek Coulombe, senior managing director and Lindsay Feig, analyst, who together arranged the financing on behalf of the borrower.
“The borrower was looking for the financing to match his long term hold perspective. With this in mind we were able to secure a 15-year fixed rate life insurance company loan with a very competitive rate with one of our exclusive correspondents” said Coulombe. “Life Insurance loans are getting competitive at all loan sizes with longer terms that don’t necessarily need to match the amortization, our client really liked this.”
910 Boston Tpke. was constructed on 3.79 acres in 1985. The property is broken up into eight rental units, with nine loading docks. Currently the property is 100% leased to five commercial tenants, which include Jenny B Companies, United Medical Systems and Up, Up and Play Day Care. 910 Boston Tpke. is located between Rte. 20 and Rte. 140 on the inbound side of Rte. 9. This area has seen a reemergence since Wegmans opened near the Rte. 20 in 2011.