BOSTON – Fantini & Gorga recently arranged a $1,125,000 loan to refinance a well located multi-tenant office property in Auburn, MA. Derek Coulombe, Managing Director along with Chris Miller, Senior Analyst of Fantini & Gorga represented the client in the transaction.
The masonry building contains 14,944 rentable square feet and sits on 1.45 acres. The property has an abundance of parking with several spots being leased to the Massachusetts Department of Transportation for employee parking.
The property sits at the entrance of Mid State Office Park which is comprised of 6 office buildings containing a total of 141,000 rentable square feet. The location is excellent for companies which need highway access to cover a large geographic area such as sales forces and regional headquarters.
“The property is located in an ideal location but posed a challenge with a recent vacancy. We were pleased to attain two years of interest only financing at a low rate to allow for lease-up of the vacancy” stated Derek Coulombe. Fantini & Gorga placed the financing with a regional bank.