News: Retail
Posted: May 27, 2016
Fantini & Gorga arranges $7.35 million financing for two properties
Somerville Plaza - Somerville, MASomerville, MA Fantini & Gorga recently arranged two loans totaling $7.35 million in permanent financing on two retail properties.
A $2 million, 20-year fixed-rate loan with a 25-year amortization schedule and an interest rate below 4.5% was used to refinance a 17,500 s/f strip center in Somerville. This loan was placed with a regional financial institution on behalf of a long-term client of the firm.
“We were very pleased to identify a portfolio lender that provided attractive terms on our clients’ legacy asset, which was acquired in the early 1990s,” said Mark Whelan, managing director.
The second transaction involved the refinance of an existing CMBS loan on a 30,000 s/f strip center in Taunton that is shadow-anchored by Home Depot, Target and Kohls. The new loan was originated with another CMBS lender and has a fixed-rate for 10-years.
Tags:
Retail
MORE FROM Retail
Retail
McEvoy of Conrad Group facilitates $9.5m sale of Sterling Plaza
Randolph, MA Sterling Trust has sold its Sterling Plaza neighborhood retail site located at 45 Mazzeo Dr. to The Shops at Randolph, LLC. The property is home to several restaurants, including the West End Grill, The Well, Outback Steakhouse and It’s Game Time Sportsbar.
Columns and Thought Leadership
Village centers and local retail: What the market wants - by Carol Todreas
Good news! Brick and mortar is alive and well. Many malls are coming back. Americans are flocking to Europe to walk, shop, eat, and enjoy much needed vacations. Visitors return and talk about the pleasures of walking and shopping in local shops in cities and towns all over Europe.
Reimagining retail for the downtown - by Carol Todreas
Before COVID-19, downtown retail had been sliding downwards. A few restaurants and stores were hanging on, but the trajectory was headed south. Now with post- COVID-19 lifestyle changes, old-style retail anywhere has lost its market appeal.
Keeping the “there” there - by Carol Todreas
New zoning is a big topic for many communities. Whether it is to comply with the 2021 MBTA legislation calling for more multi-family housing in locales with access to T stations or to address other pressures from public-private entities, zoning for multi-family housing is believed to be a major part of the solution to the housing crisis.
Placemaking and retail in 2024 - by Carol Todreas
Placemaking. That is the word for 2024. While the concept has historical precedence in urban development, it became part of our current culture in the 1960’s when urbanists started to think about cities for people, not just cars.