Auburn, MA Fantini & Gorga has arranged $9.3 million in financing for a self-storage facility. Fantini & Gorga represented Mass.-based Casey Investment Real Estate, LLC, in the transaction. The Fantini & Gorga team was led by senior managing director Casimir Groblewski and senior analyst Chris Miller.
The subject property consists of 6.4 acres on State Rte. 20, located midway between Exits 10 and 10A of the Mass. Pike. The site is improved with 12 buildings with 104,449 s/f of rentable area. The 739 units offer a mix of climate- and standard units. The property performs at a consistently high level of occupancy.
“Our client had specific requirements for this refinancing,” said Groblewski. “A number of lenders offered creative solutions, and ultimately we completed the transaction with a New England-based financial institution that offered a structure and terms reflecting the operational and financial strengths of the borrower as well as the growing demand for self-storage in the greater Worcester market.”
The subject is operated under the Casey Storage Solutions (CSS) banner. CSS is one of New England’s leading independent storage brands, and operates 13 properties in 4 New England states and has earned a reputation for providing convenient, safe, and secure storage spaces and superior service for commercial and residential clients. The Casey portfolio offers more than 720,000 s/f of rentable area.
Fantini & Gorga is one of New England’s leading mortgage banking firms. Headquartered in Boston, Fantini & Gorga specializes in assisting its clients in arranging traditional debt, mezzanine, and equity financing for all commercial property types throughout the United States. Fantini & Gorga combines deep regional roots, broad experience, market knowledge, and national/international reach in access to capital. Fantini & Gorga has assisted their self-storage clients with more than $300 million of financing.