Mystic, CT Fantini & Gorga arranged a $4.672 million first mortgage loan for the acquisition of the real estate related to the Days Inn & Suites. Fantini & Gorga placed the financing on behalf of a long-standing client as part of a 1031 exchange.
Casimir Groblewski, senior managing director, and Lindsay Feig, analyst, represented their client in the transaction.
“We were pleased to assist the buyer with its specific requirements for the financing,” said Groblewski. “There was a tight timeframe within which all due diligence and the closing had to occur. The transaction was complex since the hospitality operating company was also revamping its management. The lender a major New England-based financial institution with an excellent track record, offered our client the creative structure that was needed.”
The subject consists of 120 key, two story motel with 51,732 s/f of space on a 4.92 acre lot. The site is improved by an outdoor pool and patio. The Day’s Inn has frontage on Whitehall Ave., which is a major thoroughfare intersecting with I-95. The Mystic Aquarium, with over 700,000 annual visitors, as well as the Mystic Seaport Museum, are in close proximity to the subject.