Fantini & Gorga recently arranged a $4.95 million refinancing package for a free-standing CVS Pharmacy. Casimir Groblewski, managing director, represented his client, Wells Realty LP, an affiliate of a Massachusetts-based development company, and arranged the new mortgage with a leading regional financial institution. CVS Caremark, which is headquartered in Woonsocket, R.I., maintains top credit ratings from S&P and is one of the leading pharmacy chains in the U.S., with more than 7,500 stores and $123 billion in annual revenue.
Containing 13,225 s/f of net rentable area, this CVS is located at 924 Post Rd. (Rte. 1), within easy access of I-95. It features a double lane drive thru with hard canopy, one hour photo lab, high volume pharmacy layout and over 50 standard sized parking spaces.
"We were pleased to deliver to our client a well structured financing package with a very competitive rate," said Groblewski. "Our client moved from a construction and interim loan to permanent financing at just the right time. The lender met a very tight time frame and delivered as it promised."