Gloucester, MA Boston-based Fantini & Gorga arranged $6 million in first mortgage refinancing for a 33,200 s/f, retail center anchored by Walgreens and located on Main St. in the heart of downtown. The Fantini & Gorga team was led by Casimir Groblewski, senior managing director, and Chris Miller, senior analyst, who together arranged the refinancing on behalf of the sponsor, a long-time Gloucester resident and real estate investor. Groblewski and Miller placed the loan with a regional Massachusetts-based financial institution.
Known as Main Street Plaza, the subject is 100% occupied. Its anchor tenant, an 18,000 s/f, 24-hour Walgreens Pharmacy, has been in occupancy for more than two decades. Other tenants located in Main Street Plaza include Dunkin’ Donuts, Papa Gino’s, Orange Leaf and First National Bank of Ipswich. The collateral also includes a newly constructed 5,000 s/f build-out of space for the Veterans Administration.
“This assignment was challenging due to the impending maturity of the existing mortgage, but the lender delivered its commitment and closed on time, in a tight time frame, performing admirably while meeting our client’s expectations of a, low interest rate with flexibility in major loan terms,” said Groblewski.