BOSTON- Fantini & Gorga announced that it recently arranged $2,480,000 in acquisition financing for Eastway Plaza, located at 587 Centre Street in Brockton, MA. Fantini & Gorga placed the financing on behalf of one of its long-standing clients.
The Fantini & Gorga team was led by Casimir Groblewski, Senior Managing Director and Jon Garcia, Analyst, procured the financing with a Massachusetts-based credit union. “We were pleased to deliver a very competitive financing structure.” stated Groblewski. “The lender offered 80% of the purchase price and a flexible prepayment structure, along with an excellent rate, due to the strength of the sponsorship and the strong location of the asset”.
Eastway Plaza consists of a two-building, single story retail plaza on a 16.6-acre parcel of commercially zoned land. It was built in 1982. The first building measures 44,231 square feet and has ten retail units which are leased to a diverse mix of local and regional tenants, including a liquor store, bakery, chiropractic office, and others.
The second building consists of 33,600 square feet which is leased in its entirety to Grossman’s Bargain Outlet, a national DIY home improvement store. Eastway Plaza is very well located in a densely populated area along one of Brockton’s main thoroughfares, across the street from Brockton Hospital and close to both local and regional highways.