News: Retail
Posted: January 22, 2016
Fantini & Gorga arranges $13.25 million for CVS and Walgreens
Casimir Groblewski, Fantini & Gorga
CVS Pharmacy - Middleton, MA
Despina Hixon, Fantini & Gorga
Middleton, MA Boston-based Fantini & Gorga arranged $13.25 million in first mortgage financing for two free-standing single tenant buildings, a CVS Pharmacy in Middleton, Mass. and a Walgreens Pharmacy in Lee, N.H. Both properties are leased long term to investment-grade tenants.
The CVS was developed in 2007 on a 1.16 acre parcel of land located at 220 Maple St., also known as State Rte. 62. The building features a traditional New England design and drive-up window. The Walgreens was developed in 2009 on a 6.17 acre parcel of land at the intersection of state Rtes. 125 and 4, on New Hampshire’s second busiest traffic circle, and less than 4 miles west of the University of N.H.
Casimir Groblewski, senior managing director, and Despina Hatzipetrou, analyst, represented their long-term client, Lewis Family Management Company, LLC, from Los Angeles, California, and arranged the financing with a major regional financial institution.
“We were pleased to assist our client with its refinance of these two well located properties,” said Groblewski. “Given the ample remaining term for both leases and the strength of the credit profiles of the tenants, we were able to negotiate excellent terms and close in a timely manner so as to take advantage of a favorable rate environment.”
Fantini & Gorga specializes in assisting its clients in arranging traditional debt, mezzanine, and equity financing for all commercial property types throughout the U.S.
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