Somerville, MA Fantini & Gorga 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 4.50% 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 Kohl’s. The new loan was originated with another CMBS lender and has a fixed-rate for 10-years.
“Though the borrower received a slightly higher rate on this loan compared with pricing from other capital sources, his focus on full proceeds and non-recourse led him to choose a securitized lender,” according to Whelan who, along with Wayne Clough, managing director, placed the loan on behalf of this repeat client of the firm.
“This was a complex transaction with many twists and turns and we appreciate the patience and persistence of our lending partner to complete this transaction for our client,” said Clough.