Fantini & Gorga recently placed $9.765 million in first mortgage financing for an 88,400 s/f retail property leased to Kohl's Department Stores.
Kohl's has operated at this location for 8 years and has 13 years remaining on their initial lease term with subsequent options. Kohl's has 1,089 stores in 49 states and generates annual revenues in excess of $18 billion.
Keith Wentzel, managing director, arranged the refinancing loan for a major Midwestern REIT which was funded by a New England based regional bank.
"The lender was very flexible in providing a non-recourse fixed rate loan with a 30 year amortization and a very aggressive rate in the 4's. We are currently seeing a lot of interest from banks and insurance companies to make loans for investment grade single tenant properties with long lease terms such as this one," 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 United States. An affiliate of Eastern Bank, Fantini & Gorga combines deep regional roots, broad experience, market knowledge, and national/international reach in access to capital.