Fantini & Gorga Arranges $2.25 Million Acquisition / Improvement Loan on Moody Street

0
120

BOSTONFantini & Gorga announced the placement of $2,250,000 acquisition financing for a multi-tenant property on Moody Street in Waltham, MA.

Derek Coulombe, Senior Managing Director at Fantini & Gorga placed the loan with a small regional bank.  “We were happy to meet our client’s objectives by balancing loan proceeds, recourse and rate while meeting the timeline required for the acquisition.”  The loan includes additional proceeds to renovate and repurpose the second-floor office space.

The property, located at 309 Moody Street in Waltham, is a 23,000 SF multi-use building that was built in the 1950s and was originally a Woolworth store.  The current retail tenants are Mattress Firm and Family Dollar with approximately 3000 square feet of office above and warehouse / storage space below grade.  The property abuts a municipal parking lot and is in proximity to other retail and restaurants.