Plymouth, MA Boston-based Fantini & Gorga arranged $5.7 million in first mortgage financing for an 18,250 s/f retail center shadow anchored by Home Depot and located at 4, 6-20 Home Depot Dr., off Rte. 3 at Exit 5, on behalf of its client, FREJA, LLC.
The retail property is 100% occupied and is anchored by a Hilton Gardens Inn ground lease. Besides the hotel, which has 130 rooms, tenants include New Tokyo Japanese restaurant, Sleepy’s Mattress, Hot Locks Spa and Salon, and Massage Envy. The complex was developed in 2005-2006 and is designed and constructed in a first class manner.
In addition to the 130,000 s/f Home Depot, other nearby tenants include West Marine, The 99 Restaurant, Town Fair Tire, and Tufankjian Honda.
The Fantini & Gorga team was led by Casimir Groblewski, senior managing director, and Jason Cunnane, senior analyst, who together arranged the refinancing on behalf of Franklin-based FREJA, LLC. The loan was placed with a Massachusetts-based financial institution.
“This assignment generated a great deal of interest from a wide variety of lenders, all of whom recognized the high quality of this asset as well as the property’s excellent location, occupancy history, sponsorship and management. The result was a very attractive long term, floating rate/fixed rate option, non-recourse loan,” said Groblewski.