Somerville Plaza - Somerville, MASomerville, MA Fantini & Gorga recently arranged two loans totaling $7.35 million in permanent financing on two retail properties.
A $2 million, 20-year fixed-rate loan with a 25-year amortization schedule and an interest rate below 4.5% was used to refinance a 17,500 s/f strip center in Somerville. This loan was placed with a regional financial institution on behalf of a long-term client of the firm.
“We were very pleased to identify a portfolio lender that provided attractive terms on our clients’ legacy asset, which was acquired in the early 1990s,” said Mark Whelan, managing director.
The second transaction involved the refinance of an existing CMBS loan on a 30,000 s/f strip center in Taunton that is shadow-anchored by Home Depot, Target and Kohls. The new loan was originated with another CMBS lender and has a fixed-rate for 10-years.