Medway, MA Fantini & Gorga arranged the placement of $2.4 million in first mortgage financing for a 14,560 s/f Walgreen’s leasehold property, located about 35 miles from downtown Boston. The Walgreen’s lease had just under 15 years of firm term remaining, and the drugstore building was subject to a ground lease that ran for another 55 years. Keith Wentzel, managing director, arranged the loan for a N.J.-based investor that was refinancing a maturing CMBS loan. A New England based community bank provided a fixed rate loan which matched the remaining firm lease term.
“Our client was seeking a long term fixed rate loan structure that would mature when the Walgreen’s lease expired and the bank lender was able to accomplish that. The deal was a little tricky since the Walgreen’s building was subject to a ground lease but the bank was able to navigate through that and offered a very attractive fixed rate for almost 15 years,” said Wentzel.
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 U.S.